Author Topic: Planning a move to Europe?  (Read 908 times)

Offline David in MN

  • Dedicated Contributor
  • ******
  • Posts: 1376
  • Karma: 109
Planning a move to Europe?
« on: March 01, 2018, 04:58:48 PM »
Italy now offers high net wealth immigrants a yearly flat tax of 100 EU (~$123,000). This sounds nuts but it's less than a lot of people pay in taxes here in the states or abroad.

https://www.bloomberg.com/news/articles/2018-02-27/ultra-wealthy-drawn-to-italy-lured-by-tax-break-official-says

They are copying Portugal who did this a few years back. The Europeans aren't dumb. They want to steal our ultra-rich. If I were a billionaire I could do worse than enjoying relatively low taxes in Tuscany. Of course being a capitalist I'd end up in Milan. But the broader point is that they are artificially bringing in savings and possible investment. The very wealthy like to put money to work and Italy has been economically hurting for some time. To be clear, if I were high net worth and being dicked around by the tax schemes in a NY or CA this could be alluring.

Not to be outdone, our companies are rapidly becoming based in foreign countries for tax purposes. You've probably heard of Ireland but no less than Amazon got in trouble for an "illegal" deal with Luxembourg (note regulators punish the business and not the country).

https://www.reuters.com/article/us-eu-amazon-taxavoidance/eu-orders-amazon-to-repay-295-million-in-luxembourg-back-taxes-idUSKCN1C913S

Other countries want your rich people and businesses. Taxes matter. We're in a perpetual trade war and the USA doesn't have the best footing for keeping its wealthiest.

Offline archer

  • Administrator
  • Ultimate Survival Veteran
  • *******
  • Posts: 17037
  • Karma: 379
  • #ImissAmerica
    • Journey to Greener Pastures
Re: Planning a move to Europe?
« Reply #1 on: March 01, 2018, 05:02:57 PM »
well, that's good to know.... now if i can get a winning lotto ticket i'd be set..

Offline David in MN

  • Dedicated Contributor
  • ******
  • Posts: 1376
  • Karma: 109
Re: Planning a move to Europe?
« Reply #2 on: March 01, 2018, 05:32:45 PM »
What happens when the wealthiest guy in every major American city runs to Europe? It's worth mentioning Steve Jobs bought a new Mercedes every 6 months to avoid having a license plate (the grace period in CA). Rich people view money different and if they decide they can up and run because they have access to Skype and email on the Amalfi Coast we will all suffer.

Treat the rich bad and the rest lose. The rich will be happy anywhere they choose to go.

Offline Smurf Hunter

  • Survival Veteran
  • ********
  • Posts: 7008
  • Karma: 329
Re: Planning a move to Europe?
« Reply #3 on: April 23, 2018, 05:13:45 PM »
What happens when the wealthiest guy in every major American city runs to Europe? It's worth mentioning Steve Jobs bought a new Mercedes every 6 months to avoid having a license plate (the grace period in CA). Rich people view money different and if they decide they can up and run because they have access to Skype and email on the Amalfi Coast we will all suffer.

Treat the rich bad and the rest lose. The rich will be happy anywhere they choose to go.

There are many smaller things too.
Philanthropy suffers, which is not just the cash donation, but often rich folks commission public art, or an outdoor space for preservation, etc.

Offline Chemsoldier

  • Pot Stirrer
  • Global Moderator
  • Survival Veteran
  • ******
  • Posts: 5714
  • Karma: 544
Re: Planning a move to Europe?
« Reply #4 on: April 23, 2018, 05:56:02 PM »
Isn't the United States one of those countries tries that tries to tac citizens for out of country income and trues to fleece you on exit if you try to renounce your citizenship?  I seem to recall reading that for tax purposes leave the US is like quitting the mob.

Offline David in MN

  • Dedicated Contributor
  • ******
  • Posts: 1376
  • Karma: 109
Re: Planning a move to Europe?
« Reply #5 on: April 23, 2018, 08:08:21 PM »
Isn't the United States one of those countries tries that tries to tac citizens for out of country income and trues to fleece you on exit if you try to renounce your citizenship?  I seem to recall reading that for tax purposes leave the US is like quitting the mob.

Yup. I have looked into it. Being in a family where both parents are bilingual we have looked into making an expat move. But you owe the US taxes until you renounce. And they are not nice about that process. They will put you in a room and berate you for being unpatriotic. While I can calmly say "nice spooks asshole" I doubt my wife could be talked to like that. And in the process I'd be making fists because I love my wife and any guy who f*cks with her deserves a heavy helping of me....