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  #181  
Old 14.11.2013, 08:33
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Re: Tina Turner to become Swiss

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RE: world wide income & capital gains. (fatmanfilms)
- a citizen of the Canton of Zürich and the Swiss Confederation does
NOT pay any taxes on "world-wide income" and "capital gains" to the USA, unless that income and those gains are generated in the USA. Her lawyers will do their very best to prove their point

American citizens are required to declare all worldwide income to the IRS regardless of source. For Americans domiciled outside the US, they may have to pay to tax on income above the exemption. Americans domiciled outside the US and earning below the exemption must file annual income tax returns with the IRS even if they owe nothing. It doesn't matter if one is an American citizen resident in the Canton of Zürich or also a citizen of Küsnacht, ZH, and CH. As long as this person is also an American citizen (s)he is not simply exempt from paying tax on income generated outside the USA.
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  #182  
Old 14.11.2013, 08:42
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Re: Tina Turner to become Swiss

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American citizens are required to declare all worldwide income to the IRS regardless of source. For Americans domiciled outside the US, they may have to pay to tax on income above the exemption. Americans domiciled outside the US and earning below the exemption must file annual income tax returns with the IRS even if they owe nothing. It doesn't matter if one is an American citizen resident in the Canton of Zürich or also a citizen of Küsnacht, ZH, and CH. As long as this person is also an American citizen (s)he is not simply exempt from paying tax on income generated outside the USA.
The Land Of The Free
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  #183  
Old 14.11.2013, 09:02
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Re: Tina Turner to become Swiss

Knocking the States is quite the "in" thing to do these days isn't it?

Don't forget that those resident in Switzerland have at least theoretical tax liability on worldwide income and assets.
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  #184  
Old 14.11.2013, 09:07
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Re: Tina Turner to become Swiss

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Wordplay maybe, but with the USA authorities we never know. To interfere in internal affairs of other nations must be a pastime of some of them
Eritrea also requires its expats to file and pay taxes however they don't have the means to enforce it. The US does.
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  #185  
Old 14.11.2013, 09:12
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Re: Tina Turner to become Swiss

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Don't forget that those resident in Switzerland pretty much every country in the world have at least theoretical tax liability on worldwide income and assets.
FTFY.

Tom
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  #186  
Old 14.11.2013, 09:13
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Re: Tina Turner to become Swiss

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The Land Of The Free
As long as you file and don't earn more than 92,500 after exemption, it is.

Edit: I googled the above amount and found that it fluctuates from year to year.

Maximum Foreign Earned Income Exclusion Amounts by Year

Tax year 2014: $99,200
Tax year 2013: $97,600
Tax year 2012: $95,100
Tax year 2011: $92,900
Tax year 2010: $91,500
Tax year 2009: $91,400
Tax year 2008: $87,600
Tax year 2007: $85,700
Tax year 2006: $82,400
Tax years 2002-2005: $80,000
Tax year 2001: $78,000
Tax year 2000: $76,000
Tax year 1999: $74,000
Tax year 1998: $72,000
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  #187  
Old 14.11.2013, 09:22
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Re: Tina Turner to become Swiss

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As long as you file and don't earn more than 92,500 after exemption, it is.

Edit: I googled the above amount and found that it fluctuates from year to year.

Maximum Foreign Earned Income Exclusion Amounts by Year

Tax year 2014: $99,200
Tax year 2013: $97,600
Tax year 2012: $95,100
Tax year 2011: $92,900
Tax year 2010: $91,500
Tax year 2009: $91,400
Tax year 2008: $87,600
Tax year 2007: $85,700
Tax year 2006: $82,400
Tax years 2002-2005: $80,000
Tax year 2001: $78,000
Tax year 2000: $76,000
Tax year 1999: $74,000
Tax year 1998: $72,000
Plus another 30-60k housing exclusion (depending where you live).

Tom
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  #188  
Old 14.11.2013, 09:39
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Re: Tina Turner to become Swiss

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Eritrea also requires its expats to file and pay taxes however they don't have the means to enforce it. The US does.
Wrong too. Canada expelled Eritrea's ambassador for his efforts to not only collect the tax but "donations" to the "national defense" fund.

http://news.nationalpost.com/2013/05...ional-defence/
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  #189  
Old 14.11.2013, 13:57
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Re: Tina Turner to become Swiss

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Eritrea also requires its expats to file and pay taxes however they don't have the means to enforce it. The US does.

Not always true.

Plenty of Persian-Americans have assets worth millions of $$$ in Iran and yet they don't declare them and they don't pay a dime in taxes. It's impossible for the IRS to investigate since the U.S. doesn't have a physical embassy in Iran (only a virtual embassy) and Switzerland represents American interests in Iran.
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  #190  
Old 14.11.2013, 14:18
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Re: Tina Turner to become Swiss

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FTFY.

Tom

thx!
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  #191  
Old 14.11.2013, 14:23
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Re: Tina Turner to become Swiss

FWIW, back on topic, this blog from today indicates that Ms. Turner relinquished (as opposed to renounced) in Bern on Oct. 24.
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  #192  
Old 14.11.2013, 22:38
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Re: Tina Turner to become Swiss

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American citizens are required to declare all worldwide income to the IRS regardless of source. For Americans domiciled outside the US, they may have to pay to tax on income above the exemption. Americans domiciled outside the US and earning below the exemption must file annual income tax returns with the IRS even if they owe nothing. It doesn't matter if one is an American citizen resident in the Canton of Zürich or also a citizen of Küsnacht, ZH, and CH. As long as this person is also an American citizen (s)he is not simply exempt from paying tax on income generated outside the USA.
BUT Tina Turner no longer is an American citizen !
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  #193  
Old 15.11.2013, 06:45
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Re: Tina Turner to become Swiss

This is such very old news.
As was it also in all the media throughout Weggis and Lozärn months ago...
There was also this same news at least 7 months ago in stories in the Los Angeles Times as well as naming other older legendary artists and well-known musicians from my United States living over 20 years in Switzerland.
(Thank God I was not on that list.)




Wishing alle e rüdig schöns und glücklichs Wochenendi;and a blessed week-end to all.
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  #194  
Old 15.11.2013, 07:30
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Re: Tina Turner to become Swiss

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FWIW, back on topic, this blog from today indicates that Ms. Turner relinquished (as opposed to renounced) in Bern on Oct. 24.
At least they didn't repeat the erroneous relinquishment v renunciation tax info from the Washington Post link.

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BUT Tina Turner no longer is an American citizen !
There are still the final tax filings to be done which can't take place until after you relinquish/renounce. She has to file final FBAR/1040NR/8854 forms plus whatever else is needed for the "covered expat" side of things.

Okay, she could just ignore/forget to do it, but that would bring the wrath of the IRS down on her head incurring massive fines and probably mean she could never enter the US again. As she's been paying her US tax bills for all these years it only makes sense to wrap everything up properly and be done with it.

Believe me, if it was just a case of doing the actual renunciation/relinquishment thing and nothing else there'd be a lot more people making their way to the embassies/consulates to dump their little blue book.
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  #195  
Old 15.11.2013, 23:15
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Re: Tina Turner to become Swiss

Oprah had to keep quiet about the handbag when Tina's new friend and owner of the shop turned up at the wedding. I even went to cheer her at a comeback concert when we had to crush forward- they were making a promotional video and didn't have enough people in the audience. She's snubbed the US so that she doesn't have to pay tax. I'm sure that like Roger Moore and others she has got a special Swiss tax exemption. She's turned her back on the US I turn my back on her. AS with other Americans who refuse to pay US tax, I don't think that they should ever be allowed visas to return. No more nostalgic trips to Tennessee. Lets see what inspiration she gets in her singing in Switzerland- yodeling?

So long Ms. Nutbush. Shame!

https://www.youtube.com/watch?v=jg7qrYqJ9ns
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  #196  
Old 16.11.2013, 08:57
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Re: Tina Turner to become Swiss

I'm sure Tina will be heartbroken when she reads your post Hoppy.


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Oprah had to keep quiet about the handbag when Tina's new friend and owner of the shop turned up at the wedding. I even went to cheer her at a comeback concert when we had to crush forward- they were making a promotional video and didn't have enough people in the audience. She's snubbed the US so that she doesn't have to pay tax. I'm sure that like Roger Moore and others she has got a special Swiss tax exemption. She's turned her back on the US I turn my back on her. AS with other Americans who refuse to pay US tax, I don't think that they should ever be allowed visas to return. No more nostalgic trips to Tennessee. Lets see what inspiration she gets in her singing in Switzerland- yodeling?

So long Ms. Nutbush. Shame!

https://www.youtube.com/watch?v=jg7qrYqJ9ns
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  #197  
Old 16.11.2013, 09:02
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Re: Tina Turner to become Swiss

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Oprah had to keep quiet about the handbag when Tina's new friend and owner of the shop turned up at the wedding. I even went to cheer her at a comeback concert when we had to crush forward- they were making a promotional video and didn't have enough people in the audience. She's snubbed the US so that she doesn't have to pay tax. I'm sure that like Roger Moore and others she has got a special Swiss tax exemption. She's turned her back on the US I turn my back on her. AS with other Americans who refuse to pay US tax, I don't think that they should ever be allowed visas to return. No more nostalgic trips to Tennessee. Lets see what inspiration she gets in her singing in Switzerland- yodeling?

So long Ms. Nutbush. Shame!

https://www.youtube.com/watch?v=jg7qrYqJ9ns
She survived Ike.....and yodel hurts less than Ike.
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  #198  
Old 16.11.2013, 11:15
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Re: Tina Turner to become Swiss

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At least they didn't repeat the erroneous relinquishment v renunciation tax info from the Washington Post link.
The Washington Post issued a follow-up story on Tina Turner's relinquishment correcting the misinformation in its original article:

"Tina Turner’s citizenship move, Part 2"

http://www.washingtonpost.com/blogs/...p-move-part-2/


GenevaLunch blasted the Washington Post for its inaccurate story:

"Happily, the Washington Post has “comments” (update)
"

http://genevalunch.com/2013/11/13/ha...mments-update/
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  #199  
Old 16.11.2013, 13:39
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Re: Tina Turner to become Swiss

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The Washington Post issued a follow-up story on Tina Turner's relinquishment correcting the misinformation in its original article:

"Tina Turner’s citizenship move, Part 2"

http://www.washingtonpost.com/blogs/...p-move-part-2/


GenevaLunch blasted the Washington Post for its inaccurate story:

"Happily, the Washington Post has “comments” (update)"

http://genevalunch.com/2013/11/13/ha...mments-update/
It was a pity the WP didn't consult it's tax specialist in the first place before publishing the original article. I and several others posted comments pointing out the error, otherwise I doubt we would have seen an update to their original and wrong posting.
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Old 16.11.2013, 15:20
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Re: Tina Turner to become Swiss

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At least they didn't repeat the erroneous relinquishment v renunciation tax info from the Washington Post link.



There are still the final tax filings to be done which can't take place until after you relinquish/renounce. She has to file final FBAR/1040NR/8854 forms plus whatever else is needed for the "covered expat" side of things.

Okay, she could just ignore/forget to do it, but that would bring the wrath of the IRS down on her head incurring massive fines and probably mean she could never enter the US again. As she's been paying her US tax bills for all these years it only makes sense to wrap everything up properly and be done with it.

Believe me, if it was just a case of doing the actual renunciation/relinquishment thing and nothing else there'd be a lot more people making their way to the embassies/consulates to dump their little blue book.
The little blue book ... is that the USA passport ?
> somebody who becomes a CH citizen does not get a passport, not even an identity-card, but just a written confirmation about the citizenship
> for taxes, what matters is not the citizenship but whether you are an inhabitant/Einwohner
> if you are a CH citizen, you will be CH citizen all your life, even if you get some other citizenships over the years
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