Early Retirement Extreme Forums

Ego wrote: ↑

Tue Mar 29, 2022 7:36 pm

Yes. I am operating on the assumption that more options are better than fewer. But there is always the possibility that the complications will outweigh the benefits. We shall see.

Indeed. I hear rumblings about a wealth tax on Schengen zone citizens who do not live in the Schengen zone. Just a matter of squeezing some tax dollars out of non-residents. If that happens I will have to think carefully about retaining my EU passport as a second one. It may no longer be worth it at that point.

RealPerson wrote: ↑

Wed Mar 30, 2022 12:10 am

I hear rumblings about a wealth tax on Schengen zone citizens who do not live in the Schengen zone.

I think that would be very unlikely, as taxation is a nation state matter and even if applied would most likely only target a few very wealthy individuals.

chenda wrote: ↑

Wed Mar 30, 2022 2:23 am

I think that would be very unlikely, as taxation is a nation state matter and even if applied would most likely only target a few very wealthy individuals.

US levies income taxes to its citizens on a global basis, no matter where they reside. So it's not exactly off the table.

German Greens discussed a similar scheme before the last election, and . . . let's just say this is a very good way of mobilizing all German expats in Switzerland.


On passports.. once I get my Estonian up to a B2 level I should be eligible for it, and if I stay part-time in Switzerland for another eight years straight (hah) I have another door that's opening. We'll see. They all require giving up the previous passport, as far as I understand, which makes it a lot less attractive.

xmj wrote: ↑

Wed Mar 30, 2022 6:19 am

US levies income taxes to its citizens on a global basis, no matter where they reside. So it's not exactly off the table.

Yes it's the only country (along with Eritrea I believe) that does this. I still think its unlikely for many reasons but we'll see...

Switzerland permits duel nationality though.

xmj wrote: ↑

Wed Mar 30, 2022 6:19 am

US levies income taxes to its citizens on a global basis, no matter where they reside. So it's not exactly off the table.

This is true, but the US has tax agreements with many countries so that the dual citizenship holder is taxed only in the country in which the person resides.

It's worth researching the Foreign Earned Income Exclusion for the case of US passport + another passport:

If you are a U.S. citizen or a resident alien of the United States and you live abroad, you are taxed on your worldwide income. However, you may qualify to exclude your foreign earnings from income up to an amount that is adjusted annually for inflation ($105,900 for 2019, $107,600 for 2020, $108,700 for 2021, and $112,000 for 2022). In addition, you can exclude or deduct certain foreign housing amounts.

chenda wrote: ↑

Wed Mar 30, 2022 2:23 am

I think that would be very unlikely, as taxation is a nation state matter and even if applied would most likely only target a few very wealthy individuals.

The US is the best or virtually only example. My understanding is that the higher tax countries in the EU want to put a stop to the cash drain from their citizens moving for example to Ireland or Portugal for taxation reasons. I really hope you are correct and the rumors I heard are false!

Ego wrote: ↑

Mon Mar 28, 2022 11:25 am

I don't disagree, but the cost/benefit calculation for the EU is changing very quickly.

When we were in Lviv in 2019 I went to the National Archives, researched my family history and now possess official documents that show my great-grandmother's and great-grandfather's birth. If they ever decide to allow citizenship by decent, I am ready to proceed.

Ukraine does allow citizenship by descent.

NPV wrote: ↑

Sun May 08, 2022 3:13 am

Ukraine does allow citizenship by descent.

True, but they require you to relinquish your other citizenships to receive it.

I just received my US passport.

It only took me 15 years .... (of paying taxes without being able to vote).
J1, H1B, EB2 green card with national interest waiver, and finally citizenship (which you can only apply for once you've had the green card for 5 years vs 3 years through marriage).

Getting EU citizenship is a lot easier...

Hey, that's great. Congratulations!

Thanks Ego !

That’s definitely something to celebrate.
Congrats!

Thanks Seppia! Celebrated it was

Not exactly a second passport but Bali will soon be offering a 5 year tax-free digital nomad visa.

https://fortune.com/2022/06/07/bali-ind ... mote-work/

Ego wrote: ↑

Tue Jun 07, 2022 12:22 pm

Not exactly a second passport but Bali will soon be offering a 5 year tax-free digital nomad visa.

https://fortune.com/2022/06/07/bali-ind ... mote-work/

It seems a number of countries are doing this to revive flagging tourism post-covid. South Africa is apparently also going to offer one.

I qualify for a UK passport as I think I mentioned in the past on this thread due to "born before 1983 to a British mother". The fees have dramatically come down -- it's now only $80 GBP (earmarked for the citizenship ceremony). It's another ~$85 GBP to get the passport I believe. In the past, the fees were quite a bit higher. Posting here just in case anyone else is pursuing British citizenship.

Brexit took the luster off the whole thing to some degree (to me) but things can change and I think this time around I'm going to do it as is another sibling.

But to clarify, this would be strictly due to this particular reason? DW and I will be pursuing British citizenship but the most common way, having been here for 6+ years.

@guitarplayer In terms of the fee reduction? I'm not sure -- it definitely has gone down for UKM. I don't know if it has for the other types (I wasn't paying attention to them).

I looked it up, nice deal you have there; for me it is still going to be £1,330 to apply.