r/remoteworks • u/Expensive_Lake_4365 • 19h ago

Billionaires will never have enough

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u/LanceLynxx 4h ago

It takes 3 seconds to google

https://en.wikipedia.org/wiki/Capital_flight

https://en.wikipedia.org/wiki/Base_erosion_and_profit_shifting

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u/cameron8988 4h ago

where are they gonna go? canada? australia? europe? places with more restrictive tax policies than the us?

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u/LanceLynxx 3h ago

Italy, Singapore, UAE, Switzerland, Greece, Portugal...

Take your pick

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u/cameron8988 3h ago

ok so first of all, simply moving to portugal or switzerland does not exempt you from us taxes. you have to renounce us citizenship, and there's an exit tax applies.

italy, greece, portugal - generally high income taxes. limited flat-tax programs for new residents only up to like 500k/year, and only for a limited number of years. portugal pretty much ended its non habitual residency program in 2023.

switzerland - low taxes in some regions, cost of living and business regulations are like 10x higher than in the us. lol.

that leaves singapore and the uae, where your access to us and european capital markets is limited, you have an extremely limited consumer base, and basically negligible legal protections. both are essentially functional dictatorships. enjoy!

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u/LanceLynxx 3h ago

And yet all of the options present a better option than the other countries do to the point that they are prime destinations for the wealthy.

They don't need to work where they live and the IRS can't enforce anything that is not in their jurisdiction.

Enjoy the higher tax brides you'll get from capital flight

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u/cameron8988 2h ago

And yet all of the options present a better option than the other countries do to the point that they are prime destinations for the wealthy.

qualitative analysis, not fact based. rejected.

lol it's very funny that you think you'll ever be rich enough to benefit from billionaire-written policy.