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The first benefit of renouncing is the one that the media always alludes to: you can reduce your tax burden by renouncing US citizenship. This may or may not be a benefit for you, but you’ll no longer be paying tax on your worldwide income.
You will still have to pay tax on businesses inside the US, but from the date of your expatriation, you become an alien and are no longer required to file and pay taxes as a US citizen.
There’s no such a thing as a “free lunch” – you’ll still be paying taxes somewhere – but renouncing will help reduce some of that burden.
Aside from reducing the monetary burden of taxation, renouncing will also reduce the filing burden that all US citizens face. You will no longer have to file a US tax return, fill out Form 5471 for foreign companies, or report your foreign bank accounts with the FBAR form.
In this video, Andrew shares an article about the secrets of US Citizens Abroad.
00:00 Start
0:14 Why People Renounce Their U.S Citizenship
1:00 Have You Ever Considered Giving Up Your American Citizenship?
4:00 Tax Reduction
5:20 Living in Europe
6:28 Americans Abroad
8:52 Low-Tax Countries
Andrew is reading this article:
Andrew Henderson and the Nomad Capitalist team are the world’s most sought-after experts on legal offshore tax strategies, investment immigration, and global citizenship. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to “go where they’re treated best”.
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Andrew has started offshore companies, opened dozens of offshore bank accounts, obtained multiple second passports, and purchased real estate on four continents. He has spent the last 12 years studying and personally implementing the Nomad Capitalist lifestyle.
Our growing team of researchers, strategies, and implementers add to our ever-growing knowledge base of the best options available. In addition, we’ve spent years studying the behavior of hundreds of clients in order to help people get the results they want faster and with less effort.
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DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.
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America is a shit hole The Divided States of America, Yeeeehaw
What's your opinion on living in the Czech Republic?
Symbolism 🤫
I watch these videos solely for the Bernie Sanders and Trump impressions
I think it us important that you pointed out that people rennounce US Citizenship out of multiple reasons and not just to save on taxes. Sometimes, that impression occurs to me in public opinion about that. I think that the US tax bureaucracy us not bad at all compared to many different countries. In the end it depends on the individual situation as it often does. I think it us not surprising that more US citizens think about tennouncing simply because the world got more interconnected compared to a few decades ago.
This has to be the IRS 's favorite YouTube channel.
Expat is a word used to by those who are shy & embarrassed by their immigrant status and also as a hierarchical method to distinguish 'us' from 'them' so that we can continue hating…
Can you make a video about what taxes for U.S. citizens that live abroad look like?
I haven’t really understood how it works yet and now I’m not sure if I really want a u.s. passport considering that at some point I want to move out of the country again. Thank you!!
I wish the U.S. removed the requirement to relinquish your U.S. citizenship in order to fill out IRS form 8854 and exit the U.S. tax system. You would still have the option to keep yourself in the tax system as normal if you only wanted to move abroad for 2 or 3 years (while being able to use the foreign tax credit and foreign earned income exclusion as normal) or you wanted to keep your US investments and your 401k. But then you could also just pay the exit tax and stop filing tax returns to the U.S. but keep your citizenship / passport and keep your option to move back in the future. The fact that America currently forces you to give up your citizenship entirely is just cruel.
I would love to see a video from you on reasons not to renounce US citizenship
Also a video on how to legally reduce or eliminate taxes for US citizens living overseas
non-citizen U.S national's have no worries though….
When it comes to investing, I’m unknowledgeable about it, I hereby ask; What’s your say or thought for anyone with over 150K $ looking for the best ways to make good returns off it? I will appreciate good ideas here.
Great points Andrew. Please read the best seller VIRUS MANIA to increase your knowledge. It is the best book of the century. Thanks
again, nice jacket (red thread detail). Same fabric as the red one I commented on previously? brand? Custom?
Yes I do want to know why not to renounce US Citizenship
Reasons we shouldn’t do it, please. My family immigrated, so I’m trying to justify keeping. I’m not rich. I just don’t like it there.
Renouncing US citizenship has nothing to do with current or past tax obligations. In fact there is often an “exit tax” that can be substantial.
Probably not going to give it up because I don't believe that the United States of America will be united in a decade or so. Yep, I said "decade". What else can I say, I'm an optimist! 😉
Czech Republic pretty good, but easy to stuck there for ages because of so easy life (true story).
Perfect explanation, Andrew! Thank you!
The problem may not be paying US taxes, as the Nomad Capitalist rightly states, it is possible to legally avoid double taxation (though a bureaucratic nightmare), and it is hard but not necessarily impossible to open bank accounts in many countries. The real issue is the FATCA bureaucracy, which may come to bite you when you least expect it. In my case, getting some financing for an investment in my company (financing investments is a tax strategy) triggered some FATCA reporting obligations from the foreign bank (in the country where I now live permanently) and we all realized it when we were signing the papers at the bank's office. The whole process got delayed weeks. That had a cost! Worse than that, my company, incorporated and operating in a foreign country had to accept for this transaction jurisdiction of US law just because the legal representative was a "US Person".
Love Montenegro, so serene:)
Blue Skies
Is it true that if you spend 330+ days a year outside the US that you don't pay taxes on the first $112k?
I rather hold my money than investing in crypto and stock.
When living overseas as an expat, what US taxes are we required to pay? Is it just income tax and federal tax?
Your website is super valuable and would be even better if you put a date on the content. Big difference: Pre or post Corona. Geopolitical, financial, etc…circumstances are changing fast on a weekly basis!
I really enjoy your videos. Thank you
"Millionaires and Billionaires" 😂🤣😂
USA simply inherited the best of western civilization from Europe and a privileged geopolitics.
American government itself is a total joke. They would have fallen faster than Rome without democracy, free market capitalism and immigration.
DropComment &TapLike 4AIs
Once an American, always an American.
Save as much as you can, as fast as you can. Do not live above your means. No person, no entity and no country is going to look out for your interests, it IS up to you. Definitely go where you are treated best.
Unfortunately most US citizens and Canadians when abroad are to the left of STALIN
Yessss please, let us hear about why NOT to renounce!
Amerikan gubmint hates Americans
I'd say for most, U.S. Social Security contributions to date are a significant reason not to renounce citizenship. Am I wrong that the future benefits would not be lost?
I love when you do the Bernie Sanders impression 😂 hilarious
Reasons why a us citizen shouldn’t renounce citizenship pls
Why waste time anymore for a country that hates you??? Hates entrepreneurs?
The Rich have gotten Richer and the Poor have gotten Poorer with every administration since Ronald Reagan, including the Obama administration, and the Clinton administration. Why in the hell do you think that would change in the Biden administration? Joe Biden is a Neoliberal that still believes in the Trickle Down Theory.
Historically the taxes on the Wealthy and Corporations is as low as it's ever been. My RENUNCIATION wouldn't be because of TAXES…it would be because of Political Stupidity! America is no longer a Democracy, it is a Oligarchy, and fast becoming a Theocracy…AND the White Supremacist's in America are going to create a Civil War and it's going to get very ugly for awhile. I'm too old for that shit.
I'm 54 and I and my wife earn $15,000 bi-weekly returns from our digital assets portfolio but we are VERY worried about our future because of the gas and food prices rising daily. We have had our savings up high with the cost of living into the stratosphere, we are finding it impossible to retire. We can get by, but cant seem to get ahead. My condolences to anyone retiring in this crisis, 30years nonstop just for a crooked system to take all you worked for…
Do you have any videos on where to pay tax when working abroad?
You will Bend Over and pay your taxes and don't forget to eat your bugs and be happy!
Notwithstanding the economic crisis and global pandemic (lockdown) ravaging the world 🌎… multiple income streams is the best way to survive the current hardship and recession.the poor Masses needs to spend and invest wisely.