Indian Economy

[TwoCitiesCapital]

1 hour ago, Hektor said:

Why is it difficult to give up US citizenship?

 

You have to pay to do so. 

[Hektor]

20 minutes ago, TwoCitiesCapital said:

You have to pay to do so

Thanks @TwoCitiesCapital Couple of thousand dollars, I guess. That’s not big if one wants to exit USA. What am I missing?

[Daphne]

I know a Canadian medical dr who paid 80k to relinquish his us citizenship

[TwoCitiesCapital]

On 6/7/2024 at 8:30 PM, Hektor said:

Thanks @TwoCitiesCapital Couple of thousand dollars, I guess. That’s not big if one wants to exit USA. What am I missing?

 

Yea - it's not a few thousand for anyone that would actually benefit from leaving. 

 

I don't know the ins and outs of exactly what the exit tax and fees are, but it's my understanding it's not small

Edited June 9 by TwoCitiesCapital

[Hektor]

Thanks @Daphne @TwoCitiesCapital

[Alekbaylee]

Indeed looks cumbersome and pricey…

https://brighttax.com/blog/cost-to-renounce-us-citizenship/

[gamma78]

Yes all your assets above a $2 million threshold are deemed to have been sold, hence you pay capital gains as an exit tax. 

Which is crazy. I haven't seen any other country do that (though the UK is trying to do that now with inheritance tax liability for people who decide to leave the UK). 

[Hektor]

Thanks @Alekbaylee @gamma78

[Munger_Disciple]

Why would anyone want to renounce US citizenship? You can live practically anywhere in the world while still being a US citizen and perhaps acquire permanent residency status where you live. Many countries like Portugal offer incentives for digital nomads these days.

[rohitc99]

34 minutes ago, Munger_Disciple said:

Why would anyone want to renounce US citizenship? You can live practically anywhere in the world while still being a US citizen and perhaps acquire permanent residency status where you live. Many countries like Portugal offer incentives for digital nomads these days.

+1

I have lived in Japan, Malaysia, UK before we immigrated to the US. I am on Indian origin. We chose the US (canada was next choice)

 

I have seen other countries and each place will have its plus or minus, but US/Canada for all the negatives we can think of are far better - definitely for immigrants. I am happy to pay the taxes and grateful for the opportunities this country has given me and my kids.

 

I have friends in india, who are doing very well even by western standards. However they are going to spend a fortune to send their kids to do an under-grad in the US and then stay back. These are very smart kids and would do well anywhere in the world. 

 

Actions speak louder than words

[jbwent63]

On 6/9/2024 at 3:35 AM, gamma78 said:

Yes all your assets above a $2 million threshold are deemed to have been sold, hence you pay capital gains as an exit tax. 

Which is crazy. I haven't seen any other country do that (though the UK is trying to do that now with inheritance tax liability for people who decide to leave the UK). 

If you are a Canadian resident for tax purposes and cease to be so, you are deemed to have sold all your assets with the capital gains being taxed. Similar rules at death. If you believe you will return eventually, you can make an agreement with the MOF and post a bond to cover the estimated taxes just in case you don't return to Canada.

[Haryana]

 

[Crip1]

On 6/9/2024 at 1:44 PM, rohitc99 said:

 

 

I have seen other countries and each place will have its plus or minus, but US/Canada for all the negatives we can think of are far better - definitely for immigrants. I am happy to pay the taxes and grateful for the opportunities this country has given me and my kids.

 

I

First and foremost, as a US citizen I appreciate you saying that. Regrettably, IMHO, there are far too many US citizens who use the right of free speech to do far more bi***ing and far less appreciating (this may prevalent in other countries, but my frame of reference is too limited to speak on this). Don't get me wrong, criticizing in order to try to make a positive change is admirable, but along with criticizing, one should be grateful for the opportunities afforded. 

 

-Crip

[whatstheofficerproblem]

18 minutes ago, Crip1 said:

I appreciate you saying that. Regrettably, IMHO, there are far too many US citizens who use the right of free speech to do far more bi***ing and far less appreciating

 

You ever exchange lunchboxes at school? You and your friend both brought Gumbo but you find your friend's 10x more tasty than what you brought? And your friend finds your Gumbo 10x more tasty than what he eats and you're both arguing that the other's Gumbo is better.

 

This is what happens, you get accustomed to something for most of your life, and in case of US citizens most have them have never been outside the country. They haven't seen the outside world, way too coddled which is why you see this phenomenon. It's the same with the generational gap, the boomers for example have seen so much in their lives that they are desensitized to a lot of stuff, the newer coddled generation on the other hand, everything is gonna end the world for them.

Edited June 11 by whatstheofficerproblem

[Hektor]

48 minutes ago, whatstheofficerproblem said:

in case of US citizens most have them have never been outside the country. They haven't seen the outside world

Well said @whatstheofficerproblem

[Hektor]

I would say that this phenomenon is seen in many places over the world for the same reasons.

[Haryana]

25 testimonial interviews from immigrants to India:

 

[Thrifty3000]

On 6/10/2024 at 8:53 PM, whatstheofficerproblem said:

 

You ever exchange lunchboxes at school? You and your friend both brought Gumbo but you find your friend's 10x more tasty than what you brought? And your friend finds your Gumbo 10x more tasty than what he eats and you're both arguing that the other's Gumbo is better.

 

This is what happens, you get accustomed to something for most of your life, and in case of US citizens most have them have never been outside the country. They haven't seen the outside world, way too coddled which is why you see this phenomenon. It's the same with the generational gap, the boomers for example have seen so much in their lives that they are desensitized to a lot of stuff, the newer coddled generation on the other hand, everything is gonna end the world for them.

 

RULE OF LAW + freedom of press/speech + democratic elections + term limits + mostly free trade + excellent geographic advantages + entrepreneurship + upward mobility + good military/patriotism + decent infrastructure + decent education + decent healthcare + decent demographics + decent people = I ain’t complainin’ (much)

 

#’merica