Tina Turner is someone I really admire. What is interesting is that according to Blick, she will not only become Swiss but will give up her US citizenship. I wonder why ?
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In order to renounce US citizenship, even though she has been living in Europe for decades, she will have to pay a hefty 'Exit Tax' to the US which I think is 15% of all her assets.
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In order to renounce US citizenship, even though she has been living in Europe for decades, she will have to pay a hefty 'Exit Tax' to the US which I think is 15% of all her assets.
Maybe she doesn't have that much, many stars spend it as fast
as it comes!
Maybe she doesn't have that much, many stars spend it as fast
as it comes!
Has been living in a chateau in Zurich since 1994 evidently. And has 3 other properties as well around the world. So those at least are going to cost her.
In order to renounce US citizenship, even though she has been living in Europe for decades, she will have to pay a hefty 'Exit Tax' to the US which I think is 15% of all her assets.
Paying 15% now may be a wise move to avoid the sure-to-increase estate taxes, and a higher capital gains tax, etc. to which she would likely be subjected. While estimating my 2012 US tax bill, renouncing my US cititzenship crosses my mind, but I'm not wealthy enough for the Swiss to take me early!
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Paying 15% now may be a wise move to avoid the sure-to-increase estate taxes, and a higher capital gains tax, etc. to which she would likely be subjected. While estimating my 2012 US tax bill, renouncing my US cititzenship crosses my mind, but I'm not wealthy enough for the Swiss to take me early!
She should probably 'purchase' her freedom from US citizenship taxation before the price goes even further up. When the facebook founder, Eduardo Saverin renounced, several US senators wanted to make renunciation even more difficult. Also as you said capital gains tax will go up. I think this is partily due to a new Obamacare tax. She will finally be able to invest without all the complications, etc. Right now most of the banks probably don't even want her business because of the legal risks form the US. In the end she is removing all the uncertainty for the future and making her life a lot easier. This is sad that the US is treating its expats so poorly but this is reality.
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In order to renounce US citizenship, even though she has been living in Europe for decades, she will have to pay a hefty 'Exit Tax' to the US which I think is 15% of all her assets.
Paying 15% now may be a wise move to avoid the sure-to-increase estate taxes, and a higher capital gains tax, etc. to which she would likely be subjected. While estimating my 2012 US tax bill, renouncing my US cititzenship crosses my mind, but I'm not wealthy enough for the Swiss to take me early!
Or have an average annual US federal income tax liability of 150K or higher over the past 3 years or something.
Luckily there is a special clause in the exit tax law (Section 877 created by the 2008 HEART Act) that exempts US citizens by birth who also acquired another citizenship at birth, continues to hold that other citizenship at time of renunciation, has been a US resident for no more than 10 of the past 15 years and is a tax resident of the other country of citizenship (acquired at birth) when renouncing.
Essentially, that means if I win the lottery or become super rich and have a lot of potentially realizable capital gains, I will just take a short vacation to my country of birth, register there as a tax resident, immediately renounce my US passport (acquired by birth abroad) at the embassy there to avoid the whole draconian exit tax as I fulfill all conditions for the exemption.
Last edited by brusch; 25.01.2013 at 10:58.
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You kidding? I would rather be subject to US taxes rather than be arbitrarily thrown in a Russian pre-trial detention centre for years (and possibly dying of abuse, drug-resistant tuberculosis or something scary).
30,000 entrepreneurs end up in jail like this every year in Russia.
and I didn't know she was living in Switzerland....
She lives just a bit outside Zürich-Stadt on the eastern "lakeboard" . And is known to be shopping in quite normal shops in downtown. It is rumoured that her command of Züritüütsch is perfect. Judging from media-reports, she is well integrated now.
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She lives just a bit outside Zürich-Stadt on the eastern "lakeboard" . And is known to be shopping in quite normal shops in downtown. It is rumoured that her command of Züritüütsch is perfect. Judging from media-reports, she is well integrated now.
On Swiss German TV, the presenter has to speak to her in English (and translate to the audience in German)! And this on Swiss National Day, the holiest of Swiss holidays!!!!
Google her interviews in German-language TV, she only speaks English!
Where is her "Züritüütsch"? WTF?! Talk about integration!
The reason behind all this is FATCA maybe, screwing her ability to handle her finances properly as she is still recording. Otherwise, she would have naturalized in 2007 when she was eligible.
Last edited by brusch; 26.01.2013 at 02:41.
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