Everyone knows the quote from Benjamin Franklin about death and taxes. While death is indeed a certainty, taxes are not. How can no retirement taxes be achieved?
If you go online and search for ways to avoid US taxes, many of the results could be slightly illegal. However, if you google search how to change citizenship to a country that does not have taxes, you could have quite a few options. Today we’re taking a quick look at this process as well as five places that you could choose to retire should you make the leap.
How to Move Away from Taxes?
If you want to retire where you won’t have to pay taxes, then you should take a look at renouncing your US citizenship. Many will be turned off by this process. It will leave you unable to travel with a US passport or take part in any of the US processes like voting.
However, if you do decide to revoke your citizenship, then you might have a harder time than you think. First, you’ll need to obtain citizenship in the tax-free country of your dreams. Next, you’ll need to sell your assets and renounce your citizenship. The US will hit you with an expatriation tax at the very end.
Where Can You Go?
Bermuda: Living in Bermuda means living on an island with great weather, most of the time. Also, it’s a very safe country to live in. However, the cost of living is a concern. To become a citizen, you need to have a Qualifying Bermudian Connection, as well as be a continuous resident for ten years, and be of “good conduct and character.”
Monaco: This is a great tax-free place to live in Europe that could also leave you with less money in your wallet. It’s the second smallest country in the world and one of the simpler to get citizenship in. You have three options. First, start a business. Second, get a job. Finally, invest millions into the country.
Vanuatu: This is an 80 island chain with tons of nature and a simple way of living. It’s located in the South Pacific Ocean and is considered to be very safe for travel and living through you should pay attention to the weather as with any island. To become a citizen, you must give an investment to the island nation. This investment could be $160,000 if you are an individual or $220,000 if you are a family.