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What Happens to Ur Properties if You Give Up US Citizenship?
Posted: October 10th, 2013, 5:58 pm
by zacb
Do you have to sell, do you keep your name on the title, and all goes the same, or what? Thanks.
Re: What Happens to Properties if You Give Up US Citizenship
Posted: October 10th, 2013, 11:51 pm
by Rock
zacb wrote:Do you have to sell, do you keep your name on the title, and all goes the same, or what? Thanks.
I believe foreigners are allowed to own property in USA. So I don't think anything really changes. But if you wanna keep said property, be sure to pay all relevant property taxes and related income taxes.
Posted: October 11th, 2013, 1:52 am
by Taco
I wouldn't give up your US citizenship until you have a passport from another country. Yes, foreigners are allowed to own property which entitles them to stay in the US for 6 months at a time without a green card.
Posted: October 11th, 2013, 5:16 am
by zacb
Ok. So you would keep the property, and wouldn't have to do anything but pay taxes on it. Gotcha. I don't plan on doing that soon, but just a thought in my head. Thanks.
Posted: October 11th, 2013, 9:23 am
by SilverEnergy
You can protect all of your assets in an Asset Protection Plan by getting it out of your name.
This will help protect you against someone trying to sue you or a renegade woman trying to get money from you.
Posted: October 11th, 2013, 11:39 am
by zacb
SilverEnergy wrote:You can protect all of your assets in an Asset Protection Plan by getting it out of your name.
This will help protect you against someone trying to sue you or a renegade woman trying to get money from you.
Would Anonymous Nevada corps. or Central American countries be better?
Posted: October 12th, 2013, 9:29 am
by SilverEnergy
^^^
You might want to ask a lawyer to be sure but I think that if you protect your assets in America, it shouldn't hinder you if you were to move overseas.
Re: What Happens to Ur Properties if You Give Up US Citizens
Posted: October 14th, 2013, 5:47 pm
by momopi
zacb wrote:Do you have to sell, do you keep your name on the title, and all goes the same, or what? Thanks.
You do not lose your property by renouncing your US citizenship. However you're still obligated to pay taxes on it, and income tax on rental income.
http://www.irs.gov/Individuals/Internat ... l-Property