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Joined: Oct 2001
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Yikes - lots of of mixed-mis-information on this thread.
There is no "virtual residency" program.
QRP means Qualified Retired Person. This is a PROVISIONAL not permanent residency. You qualify under conditions set by Government (check with Government, not message boards to see the current requirements, as they change over time). Depending on the tax rules of your home country, this may make you tax-exempt there. I believe this is true for citizens of the UK, where there are complex laws about being "domiciled".
You probably know if you are a US citizen. No address required - if that were so, lots of unfortunate homeless people would have had their citizenship taken away long ago. If you are a US citizen, your world wide income MAY be subject to income tax. There are exceptions for people who actually live outside the US - whether you qualify is another reasonably complex formula related to the number of days you physically spend in the US. This has no relationship to having QRP, or permanent residency status in another country, or for that matter dual citizenship (there are complex rules on this too which like everything, change over time). IF you qualify as a US citizen who really truly lives outside the country, the first (approx) $92,000 US a year EARNED outside the US is exempt from US Income Tax. As a US citizen you are supposed to file annually regardless of whether you have earned enough to pay taxes or not.
Money earned in Belize is taxable in Belize.
There are some countries/territories with no income tax - those places tend to have very tough immigration laws!
You live where you live. Bad idea to think you can "take the target off your back" by lying about it. Your passport stamps tell the story of your entry and exit.
The best "strategy" is to stay a little fish, live simply, save your money for a rainy day and color inside the lines as best you can.
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Joined: Oct 2010
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I wonder if a person could list their Belize address on their tax form? This would be only to get the target off ones back while at the same time the person obeys the laws of the U.S. and of Belize? Remember, the U.S. is out of control now and to get the target off one's back at the same time that person obeys the laws is a doubly safe strategy.
I see what you are saying here Otto: You are saying that you would obey the laws but have them think you are in Belize instead of in the U.S. by listing your address as being in Belize in order to make a face to face audit almost impossible? They think you are living in Belize instead of living in the U.S. and you are not lying nor are you evading taxes. Good strategy. If that is what you are saying and you are paying your taxes I do not see anything wrong in what you are proposing to do. But better check with someone who knows more than I do.
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Joined: Apr 2005
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Small insert in big discussion...U.S. Citizens do not need a U.S. address.....went 8 yrs without one, I.R.S. had only my Belize address...no problem...
LONELY PLANET SAYS TOURIST LOVE OUR ART. BEST PRICES ON ART.
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Joined: Jun 2008
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Here is some good information for anyone to ponder who is thinking of things along this line. It is written by a CPA who is also an attorney. For me I'll color between the lines.  I learned a few things from this article and it is very clear that Uncle Sam wants his pound of flesh and will make it difficult for you to avoid paying up. http://www.taxmeless.com/page4.html
Jim
Formerly from somewhere on a beach in Belize
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Joined: Apr 2005
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Ragman..hope it just a coincidence your post came after mine..we pay and file our Belize and U.S. taxes every year, monthly in Belize. My statement was that a U.S. citizen does not need a U.S. address. Only a fool dosnt file U.S. taxes,without doing that if you ever need to return you cant even get car insurance at a decent price as it all ties into your credit score. That alone ever get a loan or Social Security or Medicare in old age.....or in medical emergencies you need to show your tax return paperwork for any consideration...
LONELY PLANET SAYS TOURIST LOVE OUR ART. BEST PRICES ON ART.
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Joined: Jun 2008
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Yes, it was just a coincidence and it wasn't aimed at anyone. I could care less what choices along these lines people make. It was posted just to try to help people understand the problematic position they could put themselves in by going down this path. Urging caution. Also, that site had information on payment of social sercurtiy taxes which I had never even thought of.
I was thinking about where I got the idea that you had to have a state side address and I can't remember for sure. It was 1990 and I was going sailing for several years mostly outside the USA. It may have been from the State that I reside in and not Federal.
My plan is to become a snowbird this year and last tax season I spent some time with my CPA/attorney asking him about my options because I live in a high tax state. It was not an encouraging conversation.
Jim
Formerly from somewhere on a beach in Belize
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Joined: Oct 2010
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I see what you are saying here Otto: You are saying that you would obey the laws but have them think you are in Belize instead of in the U.S. by listing your address as being in Belize in order to make a face to face audit almost impossible? They think you are living in Belize instead of living in the U.S. and you are not lying nor are you evading taxes. Good strategy. If that is what you are saying and you are paying your taxes I do not see anything wrong in what you are proposing to do. But better check with someone who knows more than I do. Yes, that is what I mean. By having virtual permanent residency in Belize it would not be a lie to put down my Belize address on my tax form even though I live in the U.S. most of the time. Yes, I would be paying my taxes according to the law. But putting the Belize address on my tax form saves me from some renegade agent who would try and prey on me in some way. Remember, things are out of control and we need to try and use every legal way to protect ourselves. We need to get the target off of our backs and still not evade taxes. Anyone else care to comment on this strategy?
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Joined: Oct 2010
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At this point in time I have not taken any steps toward having virtual residency status in Belize. But the whole idea intrigues me and when the dust settles I will most likely stay put where I am but it is fun at least to put interesting ideas up for debate.
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Joined: Oct 2010
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Diane: You have some good food for thought here. Thanks for adding information to this interesting concept. Yikes - lots of of mixed-mis-information on this thread.
There is no "virtual residency" program.
QRP means Qualified Retired Person. This is a PROVISIONAL not permanent residency. You qualify under conditions set by Government (check with Government, not message boards to see the current requirements, as they change over time). Depending on the tax rules of your home country, this may make you tax-exempt there. I believe this is true for citizens of the UK, where there are complex laws about being "domiciled".
You probably know if you are a US citizen. No address required - if that were so, lots of unfortunate homeless people would have had their citizenship taken away long ago. If you are a US citizen, your world wide income MAY be subject to income tax. There are exceptions for people who actually live outside the US - whether you qualify is another reasonably complex formula related to the number of days you physically spend in the US. This has no relationship to having QRP, or permanent residency status in another country, or for that matter dual citizenship (there are complex rules on this too which like everything, change over time). IF you qualify as a US citizen who really truly lives outside the country, the first (approx) $92,000 US a year EARNED outside the US is exempt from US Income Tax. As a US citizen you are supposed to file annually regardless of whether you have earned enough to pay taxes or not.
Money earned in Belize is taxable in Belize.
There are some countries/territories with no income tax - those places tend to have very tough immigration laws!
You live where you live. Bad idea to think you can "take the target off your back" by lying about it. Your passport stamps tell the story of your entry and exit.
The best "strategy" is to stay a little fish, live simply, save your money for a rainy day and color inside the lines as best you can.
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Joined: Aug 2007
Posts: 592
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Diane is big time correct! The amount of time you may reside or work in the US is less than thirty (30), yes thirty days, for consideration to officially live outside the US. Your passport will reflect that! Don' bother trying it because IRS, Customs and Immigration are on the same computer!
They won't be off your back...they will be on your back.
We had friends that were tracked by Facebook, emails and car and drivers license info! Big Brother is watching....you!
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