Everyone wants to be Number One, Numero Uno, Top of the List, don’t they? Sadly in the USA’s case this is not so. According to various verifiable sources, the US now heads the world list for the following dubious ‘achievements’:

1. #1 for government debt and deficits
2. #1 for unfunded liabilities, most importantly Medicare and Social Security
3. #1 for building and maintaining the biggest WMD stockpile in the world
4. #1 for weapon sales to foreign governments
5. #1 for bombs dropped and missiles fired on other nations
6. #1 for causing civilian casualties and property destruction
7. #1 for “defense” spending – about as much as all other countries combined
8. #1 for lawyers per capita, with over 1.1 million total
9. #1 for law suits filed – millions and millions every year
10. #1 for political lobbyists, special interest groups and campaign donations
11. #1 for taxpayer bailouts of the politically connected “too big to fail” corporations
12. #1 for people imprisoned.

Is there a way a law-abiding, tax-paying US citizen can avoid the cost of all this and stop paying taxes every year to the IRS – no matter what country he or she is living or earning money in?

Only by formally giving up US citizenship and living in another country with a non-US passport.

Is this possible and practical? It certainly is, and even if you’re not considering such a drastic step, you should at least be aware that not only is it possible, there are hundreds of former US residents that do this each year (a threefold increase in 2009 on 2008) by becoming citizens of other countries. Admittedly the number is a fraction of the estimated 7 million Americans already living abroad, but it is rising. Most do it for tax purposes as US citizens, even resident outside the US for years, can never escape the clutches of the IRS – unlike those of most other countries.

A former US citizen has just published a 26-page report which details exactly how he went about renouncing his US citizenship and why it might be the right move for you, depending on several factors, including your net worth. It will probably surprise you.

However, there are other, less drastic ways to preserve your wealth and pay less taxes – and remain a proud American citizen.

Download the report free here and share it with your friends. It’s well worth reading.