Premium Archives

If you have not yet read Part I, available free to all readers, please click here to read it first.

Part II: True Prosperity

In understanding material wealth, the role of energy — and particularly oil, in today’s world — is hard to underestimate. 

Primary Wealth

This point cannot be made often enough: Oil is responsible for everything we see around us.

This means that oil is responsible for most everything we might think is delivered by our economy. Which means that oil is the source of nearly all wealth.

As Gregor Macdonald recently penned for us in an excellent report: 

I have just returned from a trip to Canada, where I had the chance to present the core ideas of the Crash Course to audiences in Alberta and the city of Guelph. The message was well received in both locations, and I am heartened to see the great work happening across Canada, to not only learn about but act on issues related to the intersection of the economy, energy, and other natural resources.

It was also my distinct pleasure to meet several long-time subscribers along the way, and to chat with you all (hello again!). The most typical refrain I heard from you was why don’t more people see things this way? That is something we’ll be covering in greater detail here in the future, especially once the new website is up and launched and we have a better platform and venue for offering such material. I will note that one of the more important elements of our weekend seminar offerings is on exactly this subject. Our only other seminar being offered in 2012 is on the last weekend of June at Kripalu, and it would be a pleasure to see you there.

On to the markets and other thoughts…

In Part I of this article, we describe a plan that any U.S. citizen can use to legally and permanently end their future obligation to pay U.S. tax on their worldwide income or estate.

If you have not yet read Part I, available free to all readers, please click here to read it first.

Part II: Important Consequences of Expatriation

 In this second part, we explain:

• The nuts and bolts of expatriation, including the legal process of expatriation
• The tax consequences of expatriation
• The immigration consequences of expatriation
• The pros and cons of U.S. investments once you expatriate
• The tax consequences should you choose to spend more than a few months each year in the United States after expatriation

Expatriation: The Basics

Once you’ve obtained a second passport and qualified for residence in another country, you can begin the legal process of expatriation.

To do so, you must make an appointment with a U.S. consulate. You generally cannot expatriate within the territorial boundaries of the United States. The consular officer will explain the consequences of expatriation and have you sign some forms.

Two or more appointments may be necessary to complete the process. At the end of whatever sequence of visits applies at the consulate you choose, you’ll then hand in your U.S. passport. Anywhere from several weeks to several months later, you’ll receive an official document called a “Certificate of Loss of Nationality” (CLN). With the receipt of this document, you will have officially relinquished your U.S. nationality.