The Dollar Vigilante: "No Better or Smarter Time to Become a Permanent Traveller/Prior Taxpayer"Submitted by barracuda_trader on Thu, 06/27/2013 - 05:53
[Editor's Note: The following post is by TDV Editor-in-Chief, Jeff Berwick]
Billionaire James Ross Mellon was employing the Permanent Traveler (PT) also known as the Prior Taxpayer strategy in the 1970s before it was cool. And while that strategy may be catching on, it is anything but popular yet.
James R. Mellon is a very, very wealthy man as you might expect of someone who is a heir to the famous Mellon family. James Mellon is now a citizen of the world, never spending enough time in any one tax farm to become legally required to pay them any income tax. But he does this without the US citizenship imposed on him at birth. In 1977 after the shock of realizing that the US would hound him for income taxes no matter where in the world he went or for how long, Mellon gave up his US citizenship after becoming a citizen of the British Virgin Islands. This is exactly the sort of thing we have been recommending at TDV and making possible with TDV Passports.
The US is the most aggressive tax farmer among the tax farm nation-states infecting the planet. The US authorities will follow US citizens and permanent residents (tax livestock) to the ends of the earth for the rest of their lives in order to collect their extortion money.