I’m looking for a tax consultant to give advice on how to stop being taxed by the US when I move to Belize. I am Canadian with a US green card. I am considering renouncing my green card and moving to Belize. Has anyone had experience or advice?
Hi Milton, My understanding is that as long as you hold a Green Card, you are liable to file taxes in the US no matter where you live or earn money. The US is the only country in the world with this kind of tax law. But you need to weigh the options about giving it up, because you may want that Green Card in the future. Also, you may find that life in Belize isn’t what you’d hoped, or any number of uncertainties. Best to you!
Aysha,
Thanks for the response. It is a somewhat difficult decision, however the US tax burden is painful when considering retirement. I agree it does close the door to working in the US in the future. I appreciate you giving me another perspective, as a lot can change in a foreign country that may make me want to leave. Lots to think about! Take care.
Milton, Thanks for your kind reply. As a Green Card holder, I assume you can invest using US-based companies like Vanguard, and maybe there are tax-deferred accounts that would help mitigate your tax burden and help with your retirement planning? Just a thought…
Since the US tax law is so complex, there are always legal ways to minimize taxes, including starting a small business (I suggest one based on your hobbies or lifestyle) and writing off your costs, and of course your moving costs to Belize should be deductible. Might be worth a conversation with a fee-based financial planner. I work as communications director for The Merriman Financial Education Foundation, a non-profit, and we recommend Garret Financial Planning Network.
Aysha,
Thanks for the info. We currently own a small business, so that may be a good option for us. As well, I’ll reach out to the Garret Network for some information. Great ideas for me to follow up on!
Thanks again,
Milton