Silicon Valley end of civilization

Should we all buy a lot of weapons and take self defense classes? Or build an illegal bunkers underground?

Do these tech billionaires get permit to build underground bunkers? Or is the New Yorker lying?

Isn’t this just the classic case of rich folks being paranoid again that the masses will one day be invading and taking all their wealth away??? Nothing new here…

The best preparation might be getting a Singapore citizenship and sell everything you own, and reserve an open date airline ticket to Singapore? Singapore is the best country for law and order, and Singaporeans are not violent.

Believe me, we have entertained that on different threads with our resident Singapore expert @hanera already. The problem is…(drum roll) my Malaysian wife actually loves the Sunset and the US of A!!! Go figure…:grin:

One of the facebook founders renounced his American citizenship and moved to Singapore so he doesn’t have to pay taxes. Boo.

Singapore no income tax or capital gains tax?

So Singapore is low tax yet provide free Medicare and low cost housing?

Geez, @BAGB, you aren’t salivating at the opportunity to seriously move there are you? It is hot and humid all the time (which is one thing my wife loves about here, it is mild year round) and it is expensive to live there. Condos everywhere…no more SFH for you!

You guys know Jim rogers? He was partner with soros back in the day and he too moved to Singapore. Like the founding father of Singapore used to say, air condotioning is the most important invention ever. :smile:

Well, the plan is to go back there for the first time to visit the inlaws at the end of the year. I will be extra diligent in scoping out Malaysia’s vibe as well as Singapore’s to see if pale-skinned me would fit int. Thank god for the direct flight from SFO to Singapore!!!

If your tax is less than certain number, say $1M a year, it makes no sense to denounce your American citizenship and move to Singapore. You need to pay a hefty exit tax to IRS if you want to denounce your American citizenship.

Rogers and FB founder was smart to renounce their US citizenship when there was no exit tax.

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Other than Singapore, Hong Kong, Ireland, which other country or cities have low tax?

How is Puer Rico? I heard they have free tax programs for Americans. Is it real?

At least we can buy rental properties in low tax countries such as Puerto Rico and sell to the future billionaires

The Facebook guy is named Eduardo Saverin.

Li Lianjie, aka Jet Li, born in China applied for and received US citizenship. However, in 2009, he renounced US citizenship and took up Singapore citizenship.

It does made dollars and cents to renounce US citizenship and take up Singapore citizenship if you’re a billionaire. The tax savings is humongous.

Singapore
Max marginal income tax is 22% cf US 39.6% + state income tax
Flat corporate tax rate at 17% cf US 38%/ 35%
No capital gains tax cf US 15%/ 20%/ Income tax rate
Max marginal property tax is 20% of annual value (12 x (monthly rent less rentals for furniture and maintenance fees)). Annual value is usually less than 2% of the market price of the property. That is less than 0.4% of property value.
Mortgage rate of a $800k loan over 30 years for a $1 mil property is 2.28%

Probably erected :stuck_out_tongue_closed_eyes: because of them. Otherwise, other billionaires might follow leading to the bankruptcy of the USG and collapse of the economy since these are the guys that pay the bulk of the tax.

Taxes aside, I guess I can live/visit Singapore/Malaysia for a good part of the year and stay here too. No need to do anything drastic like literally giving up on this wonderful country. Stranger things have happened, you may want/need to come back one day and it may be too late…

Eduardo Saverin did not even come back to USA after his renunciation of his US citizenship. A former congressman asked homeland security to bar him from entering US, but Saverin never applied for a travel to US.

"Renunciation of U.S. citizenship[edit]
Saverin has lived in Singapore since 2009.[34][35] Saverin became a U.S. citizen in 1998 and renounced his U.S. citizenship in 2011 because of his “interest in working and living in Singapore”;[14] he also reduced the capital gains taxes he would have paid after the Facebook IPO.[7][15][16] The Wall Street Journal estimated the tax savings at over $700 million.[36]

After renouncing his U.S. citizenship, Saverin had to pay an expatriation tax equivalent to the 15% capital gains tax at the marked-to-market value of his stock holdings at the time of ~$50/share Ă— 53 million shares.[9]

In response, Senator Chuck Schumer introduced the Ex-PATRIOT Act, which would have imposed additional taxes on former U.S. citizens, but the bill died in committee.[37][38][39] Since 1996, the Reed Amendment makes former citizens inadmissible to the United States if the Attorney General determines that they gave up citizenship to avoid taxation. However, it is difficult to enforce in practice.[40] Reed Amendment author Jack Reed wrote to Secretary of Homeland Security Janet Napolitano to urge that Saverin be barred from entering the United States, but as of 2015, he has not applied for travel authorization to re-enter the U.S.[citation needed]"

Eduardo Saverin is living the high life in Singapore and never short of female company.

Singapore is heaven to ultra rich guys. Not only no capital gain, may be no income tax too!

Well, he did everything legal and nothing is wrong with him. He does not even bother to apply for a visa to visit USA.

He made $300k profit in college but only invested $600 in FB. Should have invested at least $10k in FB.

Personal life[edit]
Saverin met Elaine Andriejanssen, a Chinese Indonesian woman who was educated at Raffles Girls’ School and comes from a family which runs several businesses in Massachusetts.[31] On March 27, 2014, they got engaged and were married on June 25, 2015, in the French Riviera.[32][33]

There’s always been an exit tax of sorts. There are ways around it, which I’ve had clients utilize. But none of them are legal.

Just be sure to go to a country that doesn’t have reciprocity agreements with the U.S. Lest you find yourself sent back and jailed for tax evasion!