To Steve.
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Posted by Mike on January 29, 2000 at 10:30:19:
In Reply to: Tax Haven/Residency????????????? posted by Steve Rutledge on January 29, 2000 at 09:59:48:
Actually I'm from Canada. Unlike US citizens all (that should be a very big ALL)
I have to do is give up my residency here. In other words sell my house, tranfer all
my investments etc. At that point I will no longer need to pay a 52% income tax,
37.5% capitail gains tax, the 13.5% sales tax, property taxes, school taxes
etc. Basically if you make about 100,000.00 a year here you are left with a
little over 30,000.00 after you take into account all forms direct and indirect
taxation. So the way I look at it as long as things are not twice as expensive as they
are here I'm ahead. Also we do not have to give up our citizenship which makes things easier.
Lets me know I can always come back if things don't work out. The only bad thing was that I was advised not to visit too often for the first
2 years. And not to stay with family when I do. (Hotels are a wiser choice).
This way revenue canada cannot say that I am still a "part-time" resident
and try to tax me on that. That's the hardest part of this whole decision. The idea of not being close
to family anymore. I'm hoping that if we live in "Paradise" they will want
to come visit often! :-) Thanks for the comments. MikeP
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