Tina Turner to get Swiss Citizenship

You have to pay to stop being American?  That sounds insane.  What if she doesn't pay?  They can't make her live there.

Well she's without a doubt a fantastic entertainer.

At 73 years of age, she's too old to be a political activist. Giving up her US citizenship only makes sense if done for one of two reasons, either to make some kind of political statement (which in this case it is obviously not) or to avoid taxes in the US. So if you are correct and she will need to pay an "exit tax" (never heard of such a thing before) equal to 15 percent of all of her assets then so be it... it is probably less than the overall taxes on her income that she would otherwise have to pay.

We'll have to wait and see exactly what happens. There is also the possibility this is nothing more than a publicity stunt. Is she also planning on giving up her retirement pension and other govenrment benefits as well?

I don't know, but at 73 maybe she's just slipped a cog. That happens. Regardless it won't be the end of the world one way or the other. She'll also have lots of company there a great number of internationally famous US stars have homes in Switzerland.

Cheers,
William James Woodward - Brazil Animator, Expat-blog Team

What took her so long? There are still other tax havens which makes it simply Irrisistible!!!

hELLnoi wrote:

What took her so long? There are still other tax havens which makes it simply Irrisistible!!!

Maybe one reason is she had to show a minimum proficiency in the Swiss dialect version of the German language. Learning languages at 73 is not so easy as in younger years.

wjwoodward wrote:

Well she's without a doubt a fantastic entertainer.

At 73 years of age, she's too old to be a political activist. Giving up her US citizenship only makes sense if done for one of two reasons, either to make some kind of political statement (which in this case it is obviously not) or to avoid taxes in the US. So if you are correct and she will need to pay an "exit tax" (never heard of such a thing before) equal to 15 percent of all of her assets then so be it... it is probably less than the overall taxes on her income that she would otherwise have to pay.

We'll have to wait and see exactly what happens. There is also the possibility this is nothing more than a publicity stunt. Is she also planning on giving up her retirement pension and other govenrment benefits as well?

I don't know, but at 73 maybe she's just slipped a cog. That happens. Regardless it won't be the end of the world one way or the other. She'll also have lots of company there a great number of internationally famous US stars have homes in Switzerland.

Cheers,
William James Woodward - Brazil Animator, Expat-blog Team

I think it is wisest that Tina should 'purchase' her freedom from US citizenship taxation before the price rises even further. When the facebook founder, Eduardo Saverin renounced, several US senators wanted to make renunciation even more difficult. Also it is likely that capital gains tax will go up. I think this is partily due to a new Obamacare tax. She will finally be able to invest without all the complications, etc. Right now most non-US banks probably don't even want her business because of the legal risks from the US. In the end she is removing all the uncertainty for the future and making her life a lot easier. It is sad that the US is treating its expats so poorly but this is reality.

HaileyinHongKong wrote:

You have to pay to stop being American?  That sounds insane.  What if she doesn't pay?  They can't make her live there.

I think the exit tax is only for people who have two million or more, but don't quote me on that. (I'm not American).

Yes, the USA Exit Tax only affects individuals with a net worth of $2 million or more.

Oh, no.  What will I do? 

UPDATE

Quote:
In 2013, it was announced that Turner, at the age of 73, was engaged to marry her longtime partner, German record executive Erwin Bach. The couple has been living together in Switzerland since 1995. In July of 2013, the couple got married in Zurich, Switzerland, only months after Turner gained her Swiss citizenship in the spring.

Tina Turner Biography

El_Jost wrote:

hELLnoi wrote:

What took her so long? There are still other tax havens which makes it simply Irrisistible!!!

Maybe one reason is she had to show a minimum proficiency in the Swiss dialect version of the German language. Learning languages at 73 is not so easy as in younger years.

Ofcourse brain capacity will not allow you to learn in that age but will power is the one factor which can be able to do so......

wjwoodward wrote:

Yes, the USA Exit Tax only affects individuals with a net worth of $2 million or more.

I'm shocked there's a 'get lost' tax at all.
The American tax system is a real killer.

El_Jost wrote:

hELLnoi wrote:

What took her so long? There are still other tax havens which makes it simply Irrisistible!!!

Maybe one reason is she had to show a minimum proficiency in the Swiss dialect version of the German language. Learning languages at 73 is not so easy as in younger years.

With the sort of cash she'll be bring in, I suspect is she can say yes and no, she's in.

El_Jost wrote:

http://www.swissinfo.ch/eng/culture/Tin … d=34827678

What's also important she intends to give up her US citizenship. In order to renounce US citizenship, even though she has been living in Europe for decades, she will have to pay a hefty 'Exit Tax' to the US which I think is 15% of all her assets.
What do you guys think?

Tina is a top expat. 
Why does she not join us here for a few good threads and posts? 

I think El_Jost is there ,so he may ask her to join..........

aryavrat wrote:

I think El_Jost is there ,so he may ask her to join..........

If she invites me round for coffee on day I'll ask her to join. 

El_Jost wrote:

aryavrat wrote:

I think El_Jost is there ,so he may ask her to join..........

If she invites me round for coffee on day I'll ask her to join. 

If it happens ..........then you have to throw a party for all of us.......

El_Jost wrote:

hELLnoi wrote:

What took her so long? There are still other tax havens which makes it simply Irrisistible!!!

Maybe one reason is she had to show a minimum proficiency in the Swiss dialect version of the German language. Learning languages at 73 is not so easy as in younger years.

Does she still have those killer legs? 

El_Jost wrote:

aryavrat wrote:

I think El_Jost is there ,so he may ask her to join..........

If she invites me round for coffee on day I'll ask her to join. 

Elwin, 
Men are supposed to make invitations.
A woman reserves the right to reject (no questions asked) or accept in which case you got yourself a date.

For Tina to invite you (or anybody else for that matter) for coffee, you must be a famous music producer or great pop musician, neither of which applies to your case.

Please reformulate your strategy so you know what to do next. 

Actually, the Exit Tax is 30% and it is calculated as if you sold EVERYTHING you owned and liquidated all your assets on the day before you renounce citizenship. So it applies to anyone with a net worth of 2 million dollars or more. It is an very expensive proposition even for the extremely wealthy, not to mention ALL the other benefits that American citizenship you'd be giving up too like, passport, Consular assistance, Social Security benefits, 4th of July fireworks, Statue of Liberty postcards, apple pie - because it's as American as mom's apple pie!!! 

Cheers,
James

Well said James!

PS You forgot the police SWAT teams in black uniforms, wearing helmets and masks breaking your door down at 6 am to 'ask a few questions' LOL.

Cops or soldiers?

Not consider to be cops or soldiers....but law breakers breaking the doors to confirm that they are for the law and order.......

aryavrat wrote:

Not consider to be cops or soldiers....but law breakers breaking the doors to confirm that they are for the law and order.......

Well, thank you for that. 
Nice to know there's nothing untoward about it. 

I hope the Swiss police don't find out about these new modern policing methods. 
I prefer the old-fashioned way of doing things.

As a follow-up on James' reply.
If I were an American (as well as being a bit pessimistic by nature) I would be wondering when the 30% tax jumps up to 45%.