Tax: American citizenship renunciations to benefit UAE and global CBI

[Martin Everson]

https://www.zawya.com/en/press-rele...ations-to-benefit-uae-and-global-cbi-e0z1b4ei

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[troubled soul]

For average Millionaire, most country have very high rate of tax, in some case It is more than 50% ,It is kind of robbery ....Most rich people left the home country due to high taxation and corruption .....incoming days this trend continue to increase......

 

[Martin Everson]

It will indeed increase as people are more mobile than ever and have access to more information than ever.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[JackAlabama]

Martin Everson said:
It will indeed increase as people are more mobile than ever and have access to more information than ever.
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That does not look good for future travel freedoms. If every average Joe can jump out the tax frying pan of the desperate western states, people control will follow capital control.

 

[kkein]

JackAlabama said:
That does not look good for future travel freedoms. If every average Joe can jump out the tax frying pan of the desperate western states, people control will follow capital control.
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Well, there's an easy way around, for the western states: keep incomes low so that most alternatives become not financially viable.
The fewer high income individuals the better.

 

[Donsted]

JackAlabama said:
That does not look good for future travel freedoms. If every average Joe can jump out the tax frying pan of the desperate western states, people control will follow capital control.
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If the Berlin Wall couldn't stop eastern Germans from moving west, how can people control do better? For determined people, it may just create a little hassle. It can't stop the flow

 

[JackAlabama]

Donsted said:
If the Berlin Wall couldn't stop eastern Germans from moving west, how can people control do better? For determined people, it may just create a little hassle. It can't stop the flow
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Sure, it is also not much in the interest of any current regime to keep the unhappy there (and causing troubles there, otherwise they just go and disappear). It is only the step before it crashes.

 

[JimBeam]

So, basically a US HNWI would renounce his US citizenship then take buy some island passport CBI (Kitts, Antigua etc) and then with that passport move into UAE and get a golden visa there.

They are not getting UAE passports, right?

 

[Martin Everson]

JimBeam said:
So, basically a US HNWI would renounce his US citizenship then take buy some island passport CBI (Kitts, Antigua etc) and then with that passport move into UAE and get a golden visa there.
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Get second passport before renouncing then move to UAE. You cant be stateless after renouncing your citizenship.

JimBeam said:
They are not getting UAE passports, right?
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You can apply if you meet the criteria for citizenship.

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Please note my posts should not be taken as financial or tax advice. Please seek professional advice in that respect.

 

[rowena]

JimBeam said:
So, basically a US HNWI would renounce his US citizenship then take buy some island passport CBI (Kitts, Antigua etc) and then with that passport move into UAE and get a golden visa there.

They are not getting UAE passports, right?
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If you're not a billionaire or world famous celebrity then not possible right now.

I am expecting a CBI program in the near future because they have already announced it. I believe they will require 5M AED($1.4M) real estate investment for citizenship.