Resources for Dual Citizen

[moss.whitney]

Nelsona,

Would you please recommend any texts or online resources for finding as much info as possible about the benefits of being a dual US/Canada citizen (besides this wonderful site). Preferably books but anything would help. Thanks!

[nelsona]

Brian Wruk has books on the american in canada. Keats has the Border guide.

It is really only the US citizen living in Canada that is of any significance with regard to citizenship.

A Cdn in US is pretty much left alone from canada.

[moss.whitney]

I'm researching what I can do (if anything) to take advantage of my dual-citizen status; I was born in Canada, have been a US citizen for 15 years and am living in the states. Now running a growing company and hate US taxes and am concerned about asset protection (from litigation). May renounce US citizenship down the line.

Thanks for your time and advice.

[moss.whitney]

From the book "The Complete Guide to Offshore Residency, Dual Citizenship and Second Passports" By Robert Bauman :

"Under current US law, a citizen who is suspected of giving up citizenship for the principal purpose of avpoiding taxes can still be taxed on US source income for 10 years (Sec. 877, Foreign Investors Tax Act of 1966)....In reality, this law leaks like a sieve. Long before renouncing U.S. citizenship, you can systematically restructure your assets by sending wealth abroad. This will keep your assets outside the grasp of the IRS. The US Treasure openly admits monitoring such subjective private transaction is all but impossible."

This is an excerpt from a Canada-specific section of the book. Any experience with this type of financial strategy?

[nelsona]

Completely bogus.

Don't even think about giving up citizenship.

If you have the kind of assets that this scheme *might* benefit you, then you can afford to get legal counsel that can protect your millions legally.