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At a conference yesterday, one speaker mentioned that he naturalized as a #Singapore citizen for "personal reasons" and gave up his US passport.
Sounded strange, so I looked him up and, of course, those "reasons" were tax evasion.
Wished I could have asked him what he thinks about all the migrant workers in Singapore who, despite paying taxes and building the economy, face far higher barriers to becoming #Singaporean and can't buy a passport like him.
@ncoca Does it count as evasion if he just doesn't choose to pay double taxes? I'm lucky here as the U.K. has a tax agreement with Japan, but most of my U.S. colleagues end up getting taxed twice on the same earnings when they only live in one country, and I can definitely understand them making the choice to not do that anymore. (Obviously genuine evasion is a bad thing and I'm 100% opposed to that.)
@tokyo_0 US also has a tax agreement with Japan so they shouldn't be double-taxed. But even for countries without agreements, there's a foreign income exemption if you're not resident in the US, so would only get taxed on income > $120,000 (pegged to inflation).
@ncoca That's interesting, and very different to everything I've heard about it previously. Perhaps I've just been hearing a lot of rich people whinging 😬 Thank you for the info! 🙇♀️
@tokyo_0 its often rich people complaining, but I met one American here who makes far less than $120,000/yr and was double paying out of ignorance.
@ncoca Does it count as evasion if he just doesn't choose to pay double taxes? I'm lucky here as the U.K. had a tax agreement with Japan, but most of my U.S. colleagues end up getting taxed twice on the same earnings when they only live in one country, and I can definitely understand them making the choice to not do that anymore. (Obviously genuine evasion is a bad thing and I'm 100% opposed to that.)
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