Moving overseas Indefinitely and Capital Gains – Money & ServicesReport
I am aware that US citizens are subject to taxes on their worldwide income. However, if I do move overseas, wire all my net worth abroad and stop paying taxes including not paying taxes on a substantial capital gain, what can the IRS do:
1) Can they follow me abroad?
2) Can they confiscate my money in a foreign account?
3) Can they confiscate property in my name abroad?
4) Let’s say I decide to visit the US every once in a while, would I be arrested and how would they know?
Are you going over on your passport ? Are you going to work over there ?
I think your best bet is to hire an immigration attorney and get all of this straightened out. I think there are lot of obligations you have to meet such as basically renouncing your US citizenship and that would effect your old age security benefits if you didn’t come back at least every six months as we have to here in Canada if we want to live abroad and still maintain our benefits.
What country do you intend on settling in ? That would make a difference as well.