Any Americans here become Singaporeans?

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JR8
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Post by JR8 » Thu, 05 Jan 2012 9:20 pm

Looking at the BJ site it seems not all the outlets are halal. But I think you'd be a mug to offer such food in the true heartlands and for it not to be halal ... immediately cut off a big slice of your potential market.



p.s. It's not just the issue of mock-bacon with halal places, it's the inhumanity of halal slaughter. But! .... that's for another discussion another time! :wink:

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Post by BillyB » Thu, 05 Jan 2012 9:25 pm

zzm9980 wrote:
beppi wrote:You asked if there are Americans who became Singaporeans. You got an answer.
Sorry, the topic was rhetorical to reflect the real questions that lied within :P

The process makes a lot more sense now. Apply to renounce, get approved/receive for new citizenship, finish renouncement.

I was reading about a lot of the new tax implications from the IRS for expats, and a quote from an old article on the Economist got me thinking:

"Under the new structure, it would make financial sense for any young American working overseas with a promising career to renounce his citizenship as early as possible, before his assets accumulate."

Lots to consider! Thankfully, I have time. :)
It's bizarre why people don't renounce and live somewhere with a more beneficial tax regime. But I guess patriotism overrides common sense, and there is always that thought in the back of your mind about returning and giving up your heritage.

The UK is exactly the same from a tax POV. We work all our lives and pay tax on our earnings. We buy a property or invest the earnings (which have already been taxed at source) and get taxed an additional % on any profit you make. Then we die and want to leave our assets to loved ones (the assets and any profit has already been subject to double taxation) and we have to pay a 'death tax' to leave them to our family, or they do.

It's a complete con......

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Post by Mi Amigo » Thu, 05 Jan 2012 10:14 pm

BillyB wrote:The UK is exactly the same from a tax POV. We work all our lives and pay tax on our earnings. We buy a property or invest the earnings (which have already been taxed at source) and get taxed an additional % on any profit you make. Then we die and want to leave our assets to loved ones (the assets and any profit has already been subject to double taxation) and we have to pay a 'death tax' to leave them to our family, or they do.

It's a complete con......
Quite agree, especially about inheritance tax, but at least us Brits can (largely) 'divorce' ourselves from the clutches of HMRC while living abroad, unlike the septics. I read some time ago that the UK authorities were trying to figure out if they could impose a worldwide tax obligation on us. So far they've not been very successful with that, thank goodness.
Be careful what you wish for

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Post by JR8 » Thu, 05 Jan 2012 10:23 pm

Bunter you forgot the 20% VAT on anything you spend from your taxed income.

Is it any wonder Europe is going down the tubes with government spending so far ahead of even these insane levels of tax income?

Funny how the politicians never propose and follow through with cutting the size of government isn't it (i.e. an exercise of cutting your cloth to meet match your means).

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Post by aster » Thu, 05 Jan 2012 10:37 pm

beppi wrote:Singapore will only give citizenship when you prove that you have renounced your other citizenship.
Once you are Singapore citizen, it is a heavily penalized crime to apply for another citizenship without renouncing the Singapore one. Better don't
Interesting. I always thought that this worked one way: people taking up Singaporean citizenship having to give up their current passport.

I haven't heard of any restrictions the other way around, as in a Singaporean living/getting married abroad and getting a 2nd passport, but I guess it makes sense for these sorts of things to work the same in each direction...

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Post by aster » Thu, 05 Jan 2012 10:42 pm

BillyB wrote:It's bizarre why people don't renounce and live somewhere with a more beneficial tax regime. But I guess patriotism overrides common sense, and there is always that thought in the back of your mind about returning and giving up your heritage.

The UK is exactly the same from a tax POV. We work all our lives and pay tax on our earnings. We buy a property or invest the earnings (which have already been taxed at source) and get taxed an additional % on any profit you make. Then we die and want to leave our assets to loved ones (the assets and any profit has already been subject to double taxation) and we have to pay a 'death tax' to leave them to our family, or they do.

It's a complete con......
Billy, apparently giving up a US passport still means paying Uncle Sam $$$ for some years after that, so it's not like a quick-fix solution.

Plus the US gov't looks very evilly at those who do so strictly for tax purposes, and from what I've heard such people might have a difficult time ever getting back to the US even for tourism purposes, or to visit family.

As for UK death duty, it's on par with US global income tax as a complete farce. Your already taxed assets getting taxed again simply because you die and leave them for your family. Unbelievably cruel form of "double-taxation"...

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Post by BillyB » Thu, 05 Jan 2012 10:45 pm

JR8 wrote:Bunter you forgot the 20% VAT on anything you spend from your taxed income.

Is it any wonder Europe is going down the tubes with government spending so far ahead of even these insane levels of tax income?

Funny how the politicians never propose and follow through with cutting the size of government isn't it (i.e. an exercise of cutting your cloth to meet match your means).
Right you are. How are you going to cash in your properties if you want to get rid?

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Post by JR8 » Thu, 05 Jan 2012 10:52 pm

aster wrote: As for UK death duty, it's on par with US global income tax as a complete farce. Your already taxed assets getting taxed again simply because you die and leave them for your family. Unbelievably cruel form of "double-taxation"...
House your wealth inside a trust. It never dies.

Simples.

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Post by BillyB » Thu, 05 Jan 2012 10:55 pm

Mi Amigo wrote:
BillyB wrote:The UK is exactly the same from a tax POV. We work all our lives and pay tax on our earnings. We buy a property or invest the earnings (which have already been taxed at source) and get taxed an additional % on any profit you make. Then we die and want to leave our assets to loved ones (the assets and any profit has already been subject to double taxation) and we have to pay a 'death tax' to leave them to our family, or they do.

It's a complete con......
Quite agree, especially about inheritance tax, but at least us Brits can (largely) 'divorce' ourselves from the clutches of HMRC while living abroad, unlike the septics. I read some time ago that the UK authorities were trying to figure out if they could impose a worldwide tax obligation on us. So far they've not been very successful with that, thank goodness.
The net is closing on us though. They signed an agreement with the Swiss to share account information of UK citizens holding Swiss bank accounts. F*ckers!

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Post by zzm9980 » Thu, 05 Jan 2012 10:55 pm

aster wrote: Billy, apparently giving up a US passport still means paying Uncle Sam $$$ for some years after that, so it's not like a quick-fix solution.

Plus the US gov't looks very evilly at those who do so strictly for tax purposes, and from what I've heard such people might have a difficult time ever getting back to the US even for tourism purposes, or to visit family.
^^^ Also apparently immediately before some of the more recent stricts rules went into effect, consulates stopped accepting applications for renunciations.

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Post by JR8 » Thu, 05 Jan 2012 11:06 pm

BillyB wrote: How are you going to cash in your properties if you want to get rid?

Good question, and something I have been and am pondering. It's difficult (isn't it always?). I'll happily clear the 5 full tax-years as non-res and so be entitled to sell-up with nil CGT liability at all. That is a hell of an incentive to offload, as at some point I expect I will become UK tax resident again.

On the flipside, the properties I have are 'sound as a pound' :). In a great area, classed as 'Prime Central London' with both rising rents and values, more so now than ever. You can't say that for many other asset classes right now. Plus my mortgages are on a lifetime aggregate rate of 0.42% over BBR, AND that total leveraged debt is deflating at the current Boomzed-out RPI of 5+%. .... So (lol), HTF can I hope to match that kind of performance and solidity in anything else?

Answers on a post-card! :)

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Post by JR8 » Thu, 05 Jan 2012 11:11 pm

BillyB wrote: The net is closing on us though. They signed an agreement with the Swiss to share account information of UK citizens holding Swiss bank accounts. F*ckers!

Hello Isle of Man :)

Or if the EU morons want to rock that boat there's always.... ooh, look, Singapore! Or Caymans, or Panama, or... !

There will always be options.

p.s. The EU slapping CH, is like the EU proposing Tobin tax to hit the City. It is jealous and bitter law from France and Germany to hit those that compete too hard against them. The EU is sick, economically and morally, and we should leave it immediately.

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