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.

 

[JackAlabama]

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]

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]

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]

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]

Get second passport before renouncing then⁠ move to UAE. You cant be stateless after renouncing your citizenship.

You can apply if you meet the⁣ criteria for citizenship.

 

[rowena]

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.