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The number of Americans who have renounced their U.S. citizenship has increased from 235 in 2008 to 1,780 last year. Many of new century super rich don’t see statelessness as a penalty, on the contrary, they see it as a goal. Since 2008, U.S. tax officials have been trying to clamp down on overseas tax evasion. Swiss private banks, for instance, have come under deep pressure to disclose data on the millions Americans billionaires  have stuffed in their secret accounts. That pressure has some of those wealthy irritated enough to renounce their ties to USA. What’s their cost to renounce? The paperwork fee si $450  and an “exit tax” on unrealised capital gains for renouncers who hold assets worth over $2 million — or have paid over $151,000 to the IRS in any recent year. But the rich citizens who’ve decided to go through the trouble of formally renouncing their citizenship it’s just a tiny part. Many other of these over-wealthy have no interest in the notoriety of renunciation and they just act as if they had no nation to call their own. Nicolas Berggruen (below in the picture) is definitely one of these super rich example. 52 year-old German born, has his wealth valuated in over $2.3 billion.  He grew up in Paris and went to college to New York. Working in US finance he made a fortune in hedge funds. He has spent the last decade hopping the world from one five-star hotel to another obtaining the nick name: the “homeless billionaire.” Most all of the vagabonding wealthy have personal residences. Typically a stateless super-rich household will have one or two properties in their “country of principal residence,” another in either London or New York, then a “holiday home” near a top-notch seaside place, and maybe still another in the Alps. Shifting their household, by season, from one to the other. Jeremy Davidson, a London property consultant handling properties that cost at least $16 million says:  “The more money you have, the more rootless you become because everything is possible.” 

An embarassing hyppie version of Nicolas Berggruen with brazilian singer Fernanda Brandao at a party.

The stateless super rich have created an entirely new real estate market category defined as the “super-prime” category.  Price counts as no object in “super-prime” real estate, in fact such “super-prime” bidding wars have kept the price of luxury real estate sky-high while ordinary global market is almost stuck. This year, in the middle of the worst world economic crisis since 1929,  in Manhattan, four luxury apartments have been sold for over $30 million. Crain’s New York Business notes that this type of category market is increasing season by season for the past three years.

Subtle ‘F.K.O’

“…beneath the breathy crackle of a freshly turned off cop car
by alert middle class worms hid in the heads of ford model mailmen
Who say…
They say the sun is flipped by hat tipped Private dicks
Who lean like prey eyed eagles up-on classic looking lampposts
lined with the many levers that start + stop
all of the stars The rich folks want…”

 

 

 

 

 

 

 

 

 

 

Written by MarcoPres

Follow him on Twitter: @MarcoPresz https://twitter.com/#!/marcopresz

 

In-Depth Infos:

Subtle’s MySpace 

Wealthy Americans Queue to Give Up their Passports (Bloomberg)

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