How much USD wealth would you like to have in order to renounce your citizenship?

[tradingworldwide321]

History: Let's imagine you are a successful legal online businessman/woman citizen AND tax resident of a high tax country. Sometime later, you get bored about paying individual income taxes, corporate income taxes, wealth taxes, inheritance taxes, gift taxes, CFC rules for your overseas companies, reporting your overseas assets, reporting and pay taxes for your foundations, trusts, non profit organizations and worst, very well recognized in your country by the good and bad guys... you wish just make a big change by getting a new citizenship by investment in tax heavens and setting up a new tax residency in a friendly jurisdiction AND live a good life there all the time required in order to be tax resident. About friendly tax jurisdiction, you have two options: pure tax heavens which you would pay zero or low tax jurisdictions. So, you have taken the decision, you got the passport, individual and corporate bank accounts running and everything is just fine. Finally, you pay what you gotta pay to your home country and finally leave forever.
Note: there is a law where your home country will let you get back your citizenship, so in case things go extremely bad for you, you can always go back.

Conclussions:
1. Would you renounce your citizenship? Yes/No and Why
2. How much USD wealth would you like to have in order to renounce your citizenship and move on?
3. Do you think you are forgetting something important on this history?

 

[Allisgood]

I would never renounce my original citizenship. It’s just part of my ancestry/heritage. Never.

 

[ShillGates]

1. Depends if you are from a shithole . Like the kind of countries people are from who try to pass the English Channel in dinghies .

However probably not the case here as you can buy off people

Don’t renounce - your kids might not be able to get the nationality

2. Depends on your
Life goals

3. Yup - things change - so don’t assume you can go back- they might not want you hahahahaa

 

[KDX]

As others said It wouldn't be a smart idea to renounce your citizenship unless you are from the US where they still gave a citizenship-based tax system. And as one poster said, your kids likely won't get your nationality. You should probably tell what citizenship you are thinking about renouncing? And how you got it (naturalization, birth, by descent) and if you were born in the country or abroad since these can actually affect things

 

[Larin]

Conclussions:
1. Would you renounce your citizenship? Yes/No and Why

I have a few friends who had to renounce their citizenships by birth to obtain citizenships by naturalisation (in developed EU countries) and many of them have since returned to their countries of birth and now have immigration problems. Based on their experiences and my own feelings, I would try to avoid renouncing citizenships at all costs. There are almost always waivers and other things you can get, or I would look to immigrate to countries that support multiple citizenships.

2. How much USD wealth would you like to have in order to renounce your citizenship and move on?

I am not sure its a question of wealth. Most of the time (except for the US, and a few other edge cases), citizenship has little to do with taxes. Your physical residence will have much more to do with where and how much you pay. If you are not satisfied with the tax/quality of life ratio, you can move somewhere else.

3. Do you think you are forgetting something important on this history?
Note: there is a law where your home country will let you get back your citizenship, so in case things go extremely bad for you, you can always go back.

Note, there is no such thing as universal law. There is indeed a Convention on prevention of statelessness and many countries do have provisions to grant citizenships by birth, the process is by no means simple and I would not rely on it 'in the worst case'.