Michael explains that his motivations are partially tax-driven, but he also cites “threats to my wealth through lawsuits and other unjust laws in America” as additional reasons for his emigrating. He claims he pays thousands in legal fees each year for frivolous lawsuits.
While expatriation might indeed be the ultimate estate plan, it also borders on the unfathomable, and unforgivable, in the American psyche. After Michael announced his departure in the newsletter of the Sovereign Society, an association that promotes offshore investing, he received a string of hate mail—from fellow members. Some called him an economic Benedict Arnold, while others launched salvos that are unprintable. “Good riddance,” one penned. “Where and how did you accumulate your wealth and have the freedom to leave on your own free will? Once you’re on foreign soil, remember where your bread was buttered all these years.”
*Worth has changed the names of the individuals profiled in this article. Additional Information
 Foreign Appeal
Michael Verdon, a resident of Rhode Island, is a senior correspondent for Worth. He also writes for Robb Report. michael.verdon@verizon.net. Illustration by Stephen Webster
|
