DV Winner and Immigrating to America from Asia - Economic Prospects ?

[Time Traveller]

As a winner in the 2011DV lottery, I’d like to know how people think about immigrating to USA and the value, financially speaking. Firstly, I’d like to say I have no family connections to USA and thinking only in terms of long term prospects for my family. Below is a summary what I see are quite high financial costs involved in living in America.

Starting with the cost for visa application, visa, air tickets and relocation expenses. Then you have health insurance, living expenses involved in setting up home while looking for work. Next is Taxes. The Federal income taxes are not exactly encouraging for new immigrants (unless you come from Europe). Then if you have assets in your home country, you’re also going to be taxed on worldwide income, no matter whether you bring that into the US or not. Next there is state income taxes and sales taxes, not high I know but these all add up. From there the tax burden becomes very painful. You have capital gains taxes, property taxes, and the worst of all Estate & Gift Taxes. For those of you that don’t know, Estate tax is the tax your heirs must pay to the government for inheriting your assets when you die. This is between 18%-55% of everything you own! This is quite frightening considering if my 1 yr old daughter was in the position to inherit my assets, she would lose this much of our family house to the America tax man, even thought the house is not even in America!! Crazy.

Now, I can understand that immigrating is worth it if you live in poverty or come from a poor country. Then your life prospects greatly improve. And I guess, you would also think the green card is a great deal if you just want live off welfare for the rest of your life. But, for people that are already working have career, assets, family etc. is it really limiting your family’s prosperity just for the chance to live American dream of paying taxes on everything? Even becoming a US citizen and returning to your native country for some time doesn’t help you escape the IRS, you will still have to pay taxes to uncle sam from income outside of the US.

Again, I’m just looking for some thoughts from people who’ve had similar questions. I’m not discouraging anyone from moving to the US, since there are many reasons that have nothing to do with finances and living standards. USA is a great country in many ways. Taxes is not one of them.

 

[anzac]

for someone who already has a good job and assets in his home country I think would be pointless to emigrate to the US at this time of uncertainty
only reason to move to the USA was money but now money is scarce so I would not recommend to someone who is coming from say developed nations to emigrate here ;
money is the king here and everything is revolving around it -do not have doubt about it !
So when you say its a great country for many reasons not related to money and living standard its like me saying to you that you should come to Australia to hunt polar bears !!!!!! -( totally ignoring the most basic fundamentals of the country where you going )