It is too much trouble to renounce your US citizenship to gain a little tax advantage. I think the US is advantageous to high net worth individuals. Warren Buffet showed his income tax return to extreme liberal media for one year and he paid just 15%. Most of us, who are US citizens probably, pay more than that. I am not really surprised as billionaires in the US have numerous tax loopholes. Now, even if you are just a millionaire or earn say $300,000 per annum, a good tax accountant is probably, worth its weigh in gold. Take note too that the US has the most number of billionaires in the entire planet by a very wide margin. If the US was taxing the high net worth, filthy rich billionaires, they would stay out of the US not, flock to the US.
I never understood this concept. It is just deferring taxes (which is good) but in the end I must pay taxes when receiving money out of the fund (at least in the jurisdictions I know at sometimes even moren then If u held the shares yourself right away). What am I missing. PS: "Or live in a country with a territorial tax system who will not tax you on foreign earned income." Why would I open a fund if I already live in a territorial tax system with no taxes on trading income?
Dutch taxsystem on hold. The cheap CGT will be cancelled and real returns will be taxed probably. The tax authorities have decided not to impose tax assessments and decisions "until further notice".of assets and savings in box 3 of the income tax. The reason is the judgment of the Supreme Court of last month, which stated that the box 3 system in force since 2017 is in conflict with theEuropean Convention on Human Rights.Citizens objected en masse to this scheme because the Tax and Customs Administration used fictitious returns in the calculations.As a result, people could end up paying way too much tax.The Supreme Court believes that victims should receive legal reparation.The judgment has “major implementation-technical and budgetary consequences,” writes the State SecretaryMarnix van Rij of Finance in a letter to the House of Representatives.There are two exceptions to the decision not to impose any more assessments and orders for the time being: if there is a chance that the assessment will become time-barred and if a citizen has an interest in the process continuing.According to Van Rij, the latter applies to provisional assessments, loss settlement and averaging requests.According to the minister, not all consequences of the Supreme Court's judgment are "clear".Van Rij does not yet know how many citizens are eligible for legal redress and what the financial consequences are.The cabinet hopes to be able to report more about the recovery method next month. The government wants to tax savings and investments according to actual returns in box 3The tax authorities are now working with a so-called notional return on savings and investments, but this has meant that savers in particular have had to deal with a tax on their capital in recent years, while interest rates on savings have fallen further and are now around 0% onfreely withdrawable accounts. The Rutte IV cabinet has previously indicated that it wishes to switch to a system in which the returns actually achieved are taxed in box 3.
I don't think this will happen "next month". The coalition government fell about two weeks ago and new elections will be held in a couple of months, on November 22nd. Then it will take time to form a new coalition government. Only after that has been done can they start to think about what new system they would like to propose.