DavidLesperance Immigration Attorney
David Lesperance

Attorney David Lesperance Discusses Why the Wealthy Are Leaving Hong Kong

Political and civil unrest in Hong Kong and mainland China has been simmering for some time, but in Hong Kong it came to a boiling point this summer, resulting in protests which continue today. Amid the turmoil, wealthy Hong Kong citizens are increasingly seeking to leave the country. David Lesperance, attorney, explains the surge in emigration.

The Hong Kong protests began in June in response to a proposed bill that would have allowed mainland China to extradite people forcibly from Hong Kong to bring them to trial. In the process, China would freeze the individuals’ assets. This presumably could make it difficult for those brought to trial to defend themselves or manage their professional and personal obligations while being tried. China’s judicial system and government are notorious for their corruption and lack of transparency. Hong Kong has long vied for independence from the mainland and currently has a localized legal system. Although the bill was withdrawn, the threat to Hong Kong’s legal semi-autonomy sparked fear and anger throughout. For many citizens, the bill and the resulting protests were the final warning shots signaling the time to act.

David Lesperance Attorney

In an interview with reporter Susan Lingeswaran of Campden FB for a story entitled “Why Hong Kong Is Seeing a Surge in Wealthy Families Looking to Leave,” David Lesperance noted the suspicious disappearance of Chinese financer Xiao Jianhua in 2017 sounded alarm bells that China was going after ultra-high-net-worth citizens. Although China and Hong Kong have long had tumultuous policial climates, David Lesperance, attorney, said most wealthy people thought themselves safe until recently.

“When Xiao Jianhua got snatched in Hong Kong, I went from getting two calls a year to an enquiry a month because the Chinese ultra-high-net worth’s realized they weren’t safe in Hong Kong anymore,” Lesperance said in the article.

“The Chinese government are looking to curtail the ultra-wealthy to cement their power and you can see it through the editorials of their state-owned newspapers, they have gone after Chinese tycoons and now they have their eye on Hong Kong,” he continued.

Attorney David Lesperance, founder, and principal of Lesperance Associates, has helped hundreds of high net worth individuals and families secure financially stable futures via tailored back-up plans.

Since the protests began, he said he has gotten a couple of calls a day on average from Hong Kong residents seeking a way out.

For many wealthy individuals in Hong Kong, he said the best exit route is often obtaining a golden visa, or citizenship by investment, in a country such as Australia, Canada, Singapore, or Taiwan. While the U.S. is an attractive option for some as well, particularly those with family stateside, the waiting list for golden visas, as well as the cost of immigration, is comparatively unfavorable in contrast to other potential havens.

After several years as an immigration lawyer, David Lesperance knows better than most the importance of acting sooner rather than later. He advises anyone who wishes to emigrate, whether from China or Hong Kong or elsewhere, to consult an immigration attorney.

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Now based in Sopot, Poland, David Lesperance attorney hails from Canada, where he attended and graduated from the University of Western Ontario, University of Windsor, and the University of Saskewatchen before working as a Canadian border official. In this position, he gained a unique perspective on U.S. and Canadian emigration and immigration policies and practices, as well as the motivation for wealthy individuals seeking entry or exit from these countries. This inspired him to pursue a law career specializing in tax and immigration. Over the past three decades, he has helped numerous individuals and families obtain second and dual citizenship, with a particular focus on assisting high net worth clients

In addition to his law and tax practice, David Lesperance immigration lawyer co-authored the book “Flight of the Golden Geese: How the 1% Matter to the 99%” with London School of Economics Professor Emeritus, Ian Angell. He is also a Top Writer on Quora, where he offers his advice and input to those seeking reliable answers to tax and immigration queries.

Find more information about David Lesperance and his practice here: https://www.linkedin.com/in/davidslesperance/ or follow him on Quora: https://www.quora.com/profile/David-S-Lesperance

Immigration Attorney David Lesperance Discusses Expatriation As One Way to Potentially Avoid Proposed Wealth Tax

David Lesperance Lawyer

As the 2020 presidential election draws closer, discussions about the economy and taxes are heating up. For many high net worth (HNW) Americans, proposals such as Elizabeth Warran’s wealth tax are causing some trepidation. Lawyer David Lesperance, immigration and international tax consultant, and managing partner at Lesperance & Associates, specializes in helping high net worth individuals secure financially stable futures for themselves and their families via tailored back-up plans. Of the economic situation in the United States, lawyer David Lesperance said it is “difficult to game it out.”

Wealth taxes, which have been implemented before in Western countries including Switzerland and Spain, involve taxing those in the highest tax bracket at a rate higher than those with lower net worth.

Warren’s proposal, which experts say is different from any previously implemented around the world, would impose a 2% federal tax on every dollar of a person’s net worth over $50 million and an additional 1% tax on every dollar in net worth over $1 billion, according to NPR. The plan, economists say, would affect about 75,000 of the wealthiest households in the U.S. and raise $2.75 trillion over 10 years, per NPR.

The aim, simply put, is to challenge income inequality and provide those in the lowest income brackets with more essential services and opportunities to get a leg up.

Regardless of your political persuasions, if you are one of those who could be affected, the proposal and those like it may be startling, David Lesperance immigration attorney said.

Fortunately, although it’s more difficult for U.S. citizens to move to another country compared to citizens of the EU, who can easily relocate within the Union, there are options.

Depending on your situation, these may include getting citizenship to another country that does not have a wealth tax, perhaps via a Golden Visa program or lineage citizenship. Before you make any decisions, David Lesperance attorney recommends making a list of your priorities and goals, assessing your current lifestyle and how it may change if you relocated, and then speaking with an immigration attorney to determine the best course of action.

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Now based in Sopot, Poland, David Lesperance attorney hails from Canada, where he attended and graduated from the University of Western Ontario, University of Windsor, and the University of Saskewatchen before working as a Canadian border official. In this position, he gained a unique perspective on U.S. and Canadian emigration and immigration policies and practices, as well as the motivation for wealthy individuals seeking entry or exit from these countries. This inspired him to pursue a law career specializing in tax and immigration. Over the past three decades, he has helped numerous individuals and families obtain second and dual citizenship, with a particular focus on assisting high net worth clients.

In addition to his law and tax practice, David Lesperance immigration lawyer co-authored the book “Flight of the Golden Geese: How the 1% Matter to the 99%” with London School of Economics Professor Emeritus, Ian Angell. He is also a Top Writer on Quora, where he offers his advice and input to those seeking reliable answers to tax and immigration queries.

Find more information about David Lesperance and his practice here: https://www.linkedin.com/in/davidslesperance/ or follow him on Quora: https://www.quora.com/profile/David-S-Lesperance

David Lesperance Immigration Attorney Advises to First Determine Your Needs When Considering Expatriation

Many a great tale starts with a hero or heroine leaving home in search of something, whether it’s an adventure, self-discovery, a long-lost loved one, or a better life. While the story is as old as time, people’s reasons for expatriating and the means by which they do so have evolved significantly. It’s no longer as simple as packing your bags, hopping aboard a ship, and setting up shop in your new locale. Likewise, as the world has become more complex, so too have people’s needs and desires. David Lesperance, a respected immigration attorney, explains the importance of determining your needs before you start searching for immigration solutions.

The U.S. state department does not officially track the number of people who expatriate each year. However, according to Gallup, the number of people emigrating from the U.S. or wanting to leave has increased in recent years. Many of these individuals seek either lineage citizenship, a golden visa, or second passports, all of which may be options depending on the person’s particular needs and circumstances.

David Lesperance, attorney and managing director at Lesperance and Associates, says taking a thorough and honest look at your lifestyle, budget, and needs is essential before you can determine the best course of action for your future.

“Looking at solutions before you determine your needs guarantees failure,” David Lesperance lawyer said.

Some questions he suggests asking before you research dual citizenship or citizenship renunciation options include:

  1. Are there only two adults in your family? Any children?
  2. If you plan to work, how do you plan to find a job? Or, if you own your own business, does your initial and on-going success depend upon your being physically close to your clients? How would your business translate to the culture and economy of your new location?
  3. Is the activity in which you work regulated (e.g. law, accounting, etc.)? If yes, does licensing require you to be a resident in a particular jurisdiction?
  4. Given your professional requirements and your personal preferences, which countries or parts of the world would you be happy to live in and what is the cost of living in them?
  5. What would be your “burn rate” for living expenses including the cost of living calculated in #4)? What after-tax dollars would you need to maintain this lifestyle?
  6. Are there any conditions or pre-conditions which would exclude you from acquiring health insurance in your destination of choice?
  7. If you have children, what are their education and other special needs?

Once you’ve answered these questions, David Lesperance lawyer said you should speak with a qualified and experienced immigration attorney …. not a second passport salesman…to determine your best course of action.

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Now based in Sopot, Poland, David Lesperance attorney hails from Canada, where he attended and graduated from the University of Western Ontario, University of Windsor, and the University of Saskatchewan while working as a Canadian border official. In this position, David Lesperance gained a unique perspective on U.S. and Canadian emigration and immigration policies and practices, as well as a deep understanding of the motivations of wealthy individuals seeking entry or exit from these countries. This inspired him to pursue a law career specializing in international tax and immigration. Over the past three decades, David Lesperance has helped numerous individuals and families obtain second and dual citizenship, with a particular focus on assisting high net worth clients

In addition to his law and tax practice, David Lesperance lawyer co-authored the book “Flight of the Golden Geese: How the 1% Matter to the 99%” with the London School of Economics Professor Emeritus, Ian Angell. David Lesperance is also a Top Writer on Quora, where he offers his advice and input to those seeking reliable answers to tax and immigration queries.

Find more information about David Lesperance and his practice here: https://www.linkedin.com/in/davidslesperance/ or follow him on Quora: https://www.quora.com/profile/David-S-Lesperance

Immigration Attorney David Lesperance Explains 3 Reasons Why Americans Renounce Citizenship

Depending on who you ask, the “American Dream” may be a fire burning bright or a dwindling spark on the horizon. While thousands of people still seek and obtain U.S. citizenship every year, thousands of others renounce it. David Lesperance, an immigration lawyer, tax consultant, and managing partner at Lesperance & Associates says the reasons people emigrate from the U.S. are myriad, with every individual having a unique story. However, one of the most common threads is finances. Here, attorney David Lesperance explains three of the most often-cited motivations for individuals to hand over their U.S. passport.


3 Financial Reasons to Renounce U.S. Citizenship

1) Citizenship-based taxes.
Although most other countries have long since abandoned the concept of citizenship-based taxation, the U.S. still requires that its citizens shall be taxed, regardless of where they live or how much or little time they spend on American soil, solely based on their U.S. citizenship. This may present significant problems for citizens living abroad who may end up paying several thousand dollars in taxes to the U.S. government despite living and contributing to the economy in a foreign nation. Although foreign income tax credits can offset some of the burdens, attorney David Lesperance says double-taxation is still a problem for many, particularly high-income earners and business owners. Giving up citizenship is the only legal way to fully free yourself from the U.S. tax burden.

2) Transition tax.
The Trump America First Tax reform, signed into law in 2017, includes a “transition tax.” The transition tax dictates that U.S. emigrants who have lived in other countries since the last tax reform in 1986 must now pay a transition tax amounting to about 15% of their retained earnings from the past 30 years, attorney David Lesperance explained. The retroactive nature of the tax, particularly for people living in high-tax countries like Australia and the U.K., is a significant blow, especially to business people and high net worth individuals. Renunciation of U.S. citizenship is, again, the only way to avoid this.

3) FATCA
David Lesperance immigration and tax lawyer says FATCA, the Foreign Account Tax
Compliance Act dictates Americans are not only required to report, pay, and file all of their taxes regardless of residency but must also report and pay on foreign bank accounts, brokerage accounts and other accounts. “FACTA has made it more difficult for Americans living abroad as well as people who do business with them,” he said. In fact, some see it as a liability given America’s complex and archaic taxation system, which could hinder business dealings abroad. It can even make it more difficult for Americans to open accounts or work with financial institutions overseas.

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David Lesperance, Immigration and International Tax Consultant and Managing Partner at Lesperance & Associates, assists high net worth individuals in securing a financially stable future and a better quality of life. Now based in Sopot, Poland, David Lesperance attorney hails from Canada, where he attended and graduated from the University of Western Ontario, University of Windsor, and the University of Saskatchewan before working as a Canadian border official.

While working as a border official, he gained a unique perspective on U.S. and Canadian emigration and immigration policies and practices, as well as the motivation for wealthy individuals to emigrate from the U.S. This inspired him to pursue a law career specializing in tax and immigration. Over the past three decades, he has helped numerous individuals and families obtain second and dual citizenship, or renounce citizenship, with a particular focus on assisting high net worth clients in the U.S., Europe, and Asia.

Find more information about David Lesperance and his practice here: https://www.linkedin.com/in/davidslesperance/ or follow him on Quora: https://www.quora.com/profile/David-S-Lesperance

David Lesperance Attorney Explains Lineage Citizenship

When it comes to U.S. immigration and emigration, you’re most likely to hear data and stories about people coming into the States from abroad, most often from developing nations or those in a state of conflict. Less is said, however, about American-born individuals and families who leave the U.S. In fact, the U.S. State Department does not officially track such numbers. But according to Gallup, the number of people emigrating from the U.S. or wanting to leave has been increasing for years with many seeking lineage citizenship. David Lesperance, a well-respected immigration attorney who specializes in dual citizenship, second passports and renouncing U.S. citizenship, explains lineage citizenship, or citizenship-by-ancestry, is one of the easiest ways to acquire a second passport or dual citizenship for those who qualify.

David Lesperance attorney explained that lineage citizenship is offered by several countries around the globe. It essentially encourages people with documented roots in that nation to return to their ancestral homeland to contribute to the culture and economy of their people. Some countries that offer citizenship-by-ancestry include Ireland, Poland, the Philippines, India, Israel, Italy, France, Australia, Hungary, the United Kingdom, Argentina, Turkey, and South Africa. Although each of these countries has its own rules and eligibility requirements, generally speaking, one must have a parent who was born in the country to qualify for dual citizenship or citizenship-by-ancestry. However, as David Lesperance the attorney noted, some countries, including Ireland, allow for citizenship-by-ancestry if a grandparent was born in the nation.

Now based in Sopot, Poland, David Lesperance was born and raised in Canada. He graduated from the University of Windsor and the University of Saskatchewan Law School (while working as a Canadian border official). This position provided him with a unique perspective on U.S. and Canadian emigration and immigration policies and practices and inspired him to pursue a legal career specializing in international tax law and immigration.

A member of the Ontario Bar from 1989 to 2017 and current Managing Partner at Lesperance & Associates, he has spent the last three decades traveling the world helping numerous individuals and families obtain second passports and dual citizenship, with a particular focus on assisting American-based and international high net worth clients in Europe and Asia. David Lesperance also co-authored the book “Flight of the Golden Geese: How the 1% Matter to the 99%” with London School of Economics Professor Emeritus, Ian Angell.

“I did my first US expatriation in 1990 and since then have helped hundreds of high net worth entrepreneurs and executives plan and organize their citizenships, residency, and domiciles in order to properly minimize their taxes, preserve their wealth, ensure business continuity and improve their family’s lifestyle,” David Lesperance attorney said via Quora regarding his work as an expert in second citizenship and renouncing American citizenship.

Find more information about David Lesperance attorney and his practice here: https://www.linkedin.com/in/davidslesperance/ or follow him on Quora: https://www.quora.com/profile/David-S-Lesperance.

International Tax & Immigration Expert David Lesperance Discusses Golden Visas

Whether in search of a better quality of life, to preserve assets, increase income via investments, or all of the above, every year thousands of people leave their homeland to invest in a new life abroad. David Lesperance, Managing Partner at Lesperance & Associates, has helped countless high net worth individuals obtain second passports and dual citizenships via emigration/immigration avenues such as the “golden visa”. The golden visa, he says, is one of the most recognized “residence-leading-to-citizenship-by-investment” program-types offered by several desirable destinations around the world.

“I have helped hundreds of High Net Worth entrepreneurs and executives plan and organize their citizenships, residency, and domiciles in order to properly minimize their taxes, preserve their wealth, ensure business continuity and improve their family’s lifestyle – what I call Back-up Plans,” David Lesperance, international tax and immigration expert, said.

The golden visa is designed to attract foreign capital and high net worth individuals who will contribute to the local economy. This means immigrants may purchase property or invest in a development fund and, in return, have the right to residency leading to citizenship, e.g., citizenship by investment. A Canadian currently based in Europe, David Lesperance Lawyer has himself relocated his family twice, giving him firsthand experience of the process and benefits.

While the specifics of golden visa programs vary from one nation to another, criteria often include purchasing real estate or an investment fund, creating jobs and non-refundable contributions to particular industries, all of which ensure substantial economic contribution, David Lesperance Lawyer explained. Most programs also have an annual cap on the number of applicants permitted.

David Lesperance, also a top contributor on immigration and tax topics on Quora, suggests you ask the following questions in order to determine if you should pursue a golden visa:

For what purpose(s) are you seeking an alternative residence or citizenship? As part of you Backup Plan or do you want to immediately relocate? Do you want to expand the education or future living opportunities for your children? Tax planning? Escape from something?

Are you interested in actually residing in that country (or other countries that may be part of a regional agreement such as the EU)? If yes, what is your timeline? Language ability? Budget? Tax situation?

You should also consider which taxes are you most concerned about? Are you aware that many G20 countries can result in lower taxes either through tax planning (e.g. Canada, New Zealand, Australia, Portugal) or existing tax regimes designed to attract wealth foreigners (eg. Ireland, UK, Switzerland, Italy)?

Are you alone or do you have a family (and their needs) to consider? What are your personal and business lifestyle needs? Preferences?

In addition to his immigration and tax practice, David Lesperance Lawyer co-authored the book “Flight of the Golden Geese: How the 1% Matter to the 99%” with London School of Economics Professor Emeritus, Ian Angell. Find more information about David Lesperance Lawyer and his practice here: https://www.linkedin.com/in/davidslesperance/ or follow him on Quora for answers regarding immigration, second passports, citizenship by investment, and more: https://www.quora.com/profile/David-S-Lesperance

Tax and Immigration Expert David Lesperance Helps Wealthy Tech Founders & Their Families Secure Financially Stable Futures

For centuries, California, along with the rest of the U.S. Pacific Coast, was known as the Wild West, an almost-mythical territory unknown to most East Coast inhabitants, including the throngs of European immigrants who had relatively recently made America home. Just as the promise of a new, free world enticed the Pilgrims and thousands after, the Wild West beckoned to those seeking a better and more fortunate future. In the mid-1800s, word got out the land was loaded with precious metal, and the race was on.

Although the currency of choice has changed from gold to USD with bitcoin in the wings, the California dream of wealth and prosperity remains steadfast. Nowhere is that more apparent than in Silicon Valley, home to some of the nation’s wealthiest individuals and most profitable companies. David Lesperance is an Immigration and International Tax Consultant and Managing Partner at Lesperance & Associates who assists high net worth techies – both going to and departing from Silicon Valley – in securing a financially stable future and a better quality of life through tax-efficient immigration planning.

Now based in Europe, David Lesperance hails from Canada, where he attended and graduated from the University of Western Ontario, University of Windsor, and University of Saskatchewan …while also working as a Canadian border official. In this position, he gained unique perspectives on U.S. and Canadian emigration and immigration policies and practices, as well as the motivations of wealthy individuals seeking entry or exit from these countries. This inspired him to pursue a law career specializing in tax and immigration. Over the past three decades, he has helped numerous individuals and families obtain second and dual citizenships, with a particular focus on assisting high net worth clients including wealthy tech founders from Silicon Valley and beyond.

David Lesperance explained that Silicon Valley and the U.S. generally are still attractive destinations for many including engineers, tech founders, and other successful businesspeople from nations such as China and India. While these nations have bountiful business and tech industries, obtaining and maintaining a high quality of life can be challenging. Unfortunately, immigration to the U.S. has become more difficult in recent years, making Canada a more viable option for many. Following a three-year naturalization period, David Lesperance explained, families can apply for Canadian citizenship. After obtaining this citizenship, they may be able to move to the U.S. under a non-immigrant NAFTA Professional (TN) Visa, which provides endless renewals. David Lesperance also mentioned Australia, New Zealand, Ireland, UK, and Germany are solid options as these nations have an increasing demand for tech professionals.

But it isn’t just individuals from Asia looking to relocate to Silicon Valley. David Lesperance also assists individuals move from the U.S. in order to pay less tax and preserve assets. Again, nations ranging from Canada to the United Kingdom and New Zealand can be excellent alternatives, providing a high quality of life without the financial burden.

“I have helped hundreds of High Net Worth entrepreneurs and executives plan and organize their citizenships, residency and domiciles in order to properly minimize their taxes, preserve their wealth, ensure business continuity and improve their family’s lifestyle – what I call Back-up Plans,” David Lesperance said via Quora, regarding his work as an expert in second citizenship and renouncing American citizenship. “Simply stated, I create and execute bespoke tax and immigration plans that deliver peace of mind.”

Find more information about David Lesperance and his practice here: https://www.linkedin.com/in/davidslesperance/ or follow him on Quora: https://www.quora.com/profile/David-S-Lesperance

Immigration Law & International Tax Consultant David Lesperance Helps High Net Worth Clients Obtain Second Citizenships

For as long as humans have inhabited the earth, individuals and groups have ventured forth from their homelands and communities in search of something more. Initially, these journeys were most often inspired by the need to escape hardship, such as food scarcity, natural disasters, or violence. As humans evolved, however, so did their needs. The desire to pursue a better self, a better life, became more intense with humankind’s awareness of their potential and the immensity of the universe. In the modern world, individuals have more reasons than ever to move and more means by which to do so. However, emigrating to a new place, particularly out of one’s home country, is not always easy. Fortunately, professionals like David Lesperance are here to help.

Currently based in Europe, David Lesperance has traveled extensively helping clients around the world. The Immigration & International Tax Consultant and Managing Partner at Lesperance & Associates was reared and educated in Canada, where he attended and graduated from the University of Western Ontario, University of Windsor, and the University of Saskewatchen. While in college, he worked as a border official, in which position he gained a unique perspective of U.S. and Canadian immigration and emigration policies and practices. After graduating, he began his law career, specializing in tax and immigration issues as a member of the Ontario Bar from 1990 to 2017. Since 1990, he has helped countless individuals obtain second citizenships and dual citizenships for Canada, the U.S., and beyond, with a particular focus on American-based and international High Net Worth clients in Europe and Asia.

“I have helped hundreds of High Net Worth entrepreneurs and executives plan and organize their citizenships, residency and domiciles in order to properly minimize their taxes, preserve their wealth, ensure business continuity and improve their family’s lifestyle – what I call Back-up Plans,” David Lesperance said via Quora, regarding his work as an expert in second citizenship and renouncing American citizenship. “Simply stated, I create and execute bespoke tax & immigration plans that deliver peace of mind.”

More than financial security, David Lesperance’s guidance in renunciation of American citizenship and obtaining dual citizenship or second citizenship equips his clients with invaluable peace of mind. Not only do they have the means to deal with any potential negative events or emergencies, but they can also be confident in their sound legal standing in their previous country of residence as well as their present location.

In addition to his law and tax practice, David Lesperance co-authored the book “Flight of the Golden Geese: How the 1% Matter to the 99%” with London School of Economics Professor Emeritus, Ian Angell. He is also a Top Writer on Quora, where he offers his advice and input to those seeking reliable answers to tax and immigration queries.

Find more information about David Lesperance and his practice here: https://www.linkedin.com/in/davidslesperance/ or follow him on Quora: https://www.quora.com/profile/David-S-Lesperance