By Patrick A Heller on July 19, 2013 9:10 AM
Commentary on Precious Metals Prepared for CoinWeek.com …..
A number of financial advisors who are concerned about the coming financial crises in America have recommended transferring some assets beyond the borders of the United States. For prudent wealth management, it is an option worth consideration.
@shunrata – just got to the point where I needed to decide if being able to easily travel had more value than being free of compliance costs, phantom capital gains, keeping my bank accounts and certainty over the costs of the renunciation tax.
Being stateless (for me) has not been a big deal, I’ve started new businesses, opened investment accounts, and was able to get back in a business deal I was excluded from as U.S. person.
When I left the United States I knew I would likely never return, so giving up my U.S. citizenship and becoming stateless in the end wasn’t a big deal, and given the United States is one of the only countries that allow you to become stateless is was a great option.
Stateless – how did you become stateless? How did you give up your US Citizenship?
@statelessman
Did you not want citizenship in your country of residence? Or was it not available to you?
If you don’t mind saying 🙂
@Steve Klaus — U.S. citizens have a right to renounce their citizenship, you can simple travel to another country on a visitor visa, make an appointment at the local U.S. consulate and renounce.
https://en.wikipedia.org/wiki/Expatriation_Act_of_1868
Of course I would not suggest renouncing on a visitor visa as the country you are in would likely become upset with you, but it has happen see “Harmon Wilfred” in New Zealand.
http://www.nzherald.co.nz/nz/news/article.cfm?c_id=1&objectid=10877269
I first obtained permanent residency, contacted my host countries immigration to confirm they would not have an issue with me becoming stateless, then made my appointment to renounce, I faced just a bit of extra lecturing about the woes of being stateless from the consular officer, a couple of months later I received my CLN.
The other benefit of being stateless when you renounce is you do not need to inform the State Department of your new nationality should you decide to pick one up, it’s none of their business but they do require you to answer the question when renouncing.
http://www.state.gov/documents/organization/115645.pdf
“g. Renunciation and statelessness: Potential renunciants who do not possess another nationality or a claim to one are nonetheless permitted to renounce U.S. nationality. In doing so the individual becomes
stateless. You should explain the extreme difficulties that a stateless individual may encounter trying to establish residency in a foreign country or traveling between countries in order to ensure that the
individual understands the consequences of statelessness. See 7 FAM 1215 for additional information about statelessness. If the individual still desires to proceed with the renunciation, you may proceed.”
@shunrata want to spend more time with the country, if I get hitched to this country divorce isn’t an option unless I get hitched to another country first, as they don’t allow their citizens to become stateless.