Yes, You Can Be a Witness Against Yourself

As a US citizen or permanent resident, you are forgiven for the belief you have the right to remain silent.

“Pleading the fifth” (amendment), is such common chorus in American culture, it’s near cliché by now. We hear it on television, from every tv cop to the real-time reports on testimony from gangsters, disgraced bankers and bureaucrats alike.

Even grade schoolers know the Constitution reads, in part, “No person shall… be compelled in any criminal case to be a witness against himself….”

This applies to taxes too, right?

Not so fast.

Are you tired of the erosion of your rights at the hands of government agencies? Too bad – as long as you remain a US citizen or permanent resident, you must comply with whatever written disclosures the IRS and other governmental busybodies demand.

There is an “escape hatch,” but it’s not for the faint of heart. If you’re prepared to acquire a second citizenship and passport, leave the US for good, and give up US citizenship or permanent residence, you’ll have no further tax or disclosure obligations to the IRS, other than for some types of US-source income.

Of course, you’ll want to choose a country with a less oppressive tax system than the US. Panama is a popular choice for our clients – it imposes the tax only on income generated within the country. Income from outside Panama generally isn’t taxed at all.

Expatriation – giving up US citizenship or permanent residence – is an irrevocable decision that no one should make lightly. But given the IRS vendetta against all things offshore, it’s an option an increasing number of our clients have considered.

Reprinted with permission from Nestmann.com.

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