Is Renouncing Citizenship Worth It?
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When Boris Johnson, soon-to-be former British Prime Minister, sold his London home in 2009, he didn’t pay any capital gains tax in the U.K. but was slapped unexpectedly with a U.S. tax bill.
Boris is an “accidental American,” a person who has lived outside of the United States for the majority of their life but holds U.S. citizenship because they were born there.
Being American, unwittingly or not, comes with strings attached. (www.forbes.com/sites/kathleen... )
In this video, Andrew shares an article from Forbes and answers Is Renouncing Citizenship Worth It?
00:00 Start
0:23 Renunciation of U.S. Nationality
1:46 Does Renouncing U.S. Citizenship Make Sense For The Average American Abroad?
6:07 Former President of Armenia
6:30 Cancelling Passports
10:36 Trump Administration
12:41 American Culture
Andrew is reading this article: www.forbes.com/sites/kathleen...
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I love those stories. People think that those scenarios are just crazy theoretical constructs, until Mr. UK Prime Minister himself gets hit by that.
There was a study done by the IRS not more than 2 years ago and it shows that it's precisely the "average" citizens who are renouncing because of the administrative hassle, discrimination, etc. They're not UHNI, just normal employees who happen to be expats. It showed that the incidence of renunciation is directly correlated with the length of time that a person has lived outside of the USA.
@@patienceisalpha From what I understand, the IRS commissioned the study. But what's important is the results.
@@patienceisalpha probably.
Greatest country in the world my ass. 😂😂😂
@@patienceisalpha ha sadeek how is salat ? When returning to Morocco?
Three things I take from your videos.
1. Facts
2. Knowledge
3. Options
then Action!
If the 87,000 new IRS employees doesn't make you want to renounce, I don't know what will.
The American nightmare
Good video, Andrew. Thanks!
Your advice is always informed, measured, and never forgets the individual freedom of choice.
I fooking love this! I agree with absolutely everything in this video. Options Options Options, try out every single one of them.
Oh man!!🤣"Waffle House, Starbucks, pallets of Costco rotisserie chickens."
Land of the fee home of the slave
Dude, the drive-by attack on CostCo chicekns was totally out of bounds :)
I did it when the charge was only $450.
I loved this video!! Thanks for everything you do your doing God's work!!
Really good video
Visions off rotisserie chickens in the back of a large vehicle made me laugh😊.
The fee to leave the US is also ridiculous. When I was faced with the decision to have Japanese citizenship I had to give up my U.S. and pay this exiting tax. I kind of wish I would have taken it sometimes.
Are you worth more than $2m??? If not, you weren’t paying an exit tax. More like fees
@@JDushime fees that amount over 2000 dollars.
@@beardedpanda5086 ok.
@@JDushime ok 👍🏽
@@JDushime and there are various categories you have to hit other than being worth 2 mil. But if it makes you feel good to tell other people how the process they started went. Sure ok. 😂
Yes we want to hear about the President of Armenia’s renunciation.
The US making it impossible for American citizens to live and do banking overseas is a problem. When you move overseas, as an average American, and realize the regulations imposed on you simply because of you're citizenship, it does make you seriously consider renouncing it. If you don't renounce it, you realize that you seriously need to rethink things and figure out a better way to thrive overseas.
Hell yes it does!
If it works for your situation and you have the resources? Absolutely!
Surely if the IRS canceled your passport while you were living overseas, you would not be able to renew it but with enough validity you would be able to use it to travel to other countries until it expired? Meaning if you had to travel, you could still do it and have time to settle the tax debt.
It'll be interesting with those 87,000 new IRS auditors coming into play very soon with authority to use "deadly force" according to the job advertisement.
They wont be IRS auditors, thats just a title that sounds nice to them...when in actual fact these auditors will have alot more sinister role to play....ie forced injections and confiscation of private property.
@@richardbrown9344 sounds like Gestapo tactics to me.
Please yes do a video o. The pres. Renouncing thank you. I can't wait to get my life in a cheaper, HEALTHIER FOODS, and less overzealous happier place to live
It's eye opening even to just move abroad for 6 months to a year . Enlightening to listen to the other side
Apparently, in spite of this FATCA burden, there are still banks in Europe which welcome US citizens as customers.
These new tax agents doesn’t make me feel any better about this situation
No taxation without representation ring a bell?
You can vote overseas
@@es6544 representation in the context that if you're not living there you shouldnt owe them a cent
@@handle_the_handle
The word "Representation" has a definite meaning, not what you want it to be. In you case it is "not using services". But government is not providing services. It is providing protections. If you don't own real estate, you are not paying taxes on it and not supporting local schools or police. Simple.
For some people money does not buy happiness and for most mony buys happiness ,but lack of mony certainly buys you misery , a fellow creator .,,.,.
I do not earn 7 or 8 figures. But I do enjoy hearing your info. I can dream😀
Yes is worth it... No more llegal extortions...
What is the Exit Tax Rate if you have $10MM, $25MM, or $100MM if you renounce US Citizenship? The lump sum amount.
The average income American whose been paying into the social security tax and medicare tax “systems” for decades may not want to leave that money behind for grumpy old Uncle Sam to squander. We’re gonna be stuck here waiting to die in assisted living facilities willing to take SSI and Medicare payouts. Sad sad future for most of us.
@chronicreader I have a pension from the state of New York. Do I lose my benefits if I renounce ?
Story of president of Armenia who stepped down please
You keep mentioning that Germany is in the process of liberalising citizenship - that still isn't my experience - I am very eagerly awaiting change. It's stifling to have the German citizenship laws staying so conservative.
You have the wrong skin color. I think you'd find the rules a bit different if you of a more desired shade . . . oh, I bet Germany was amazing when she was Germany . . . ah well, likely gone forever. Yea, good luck over there 👍
There were a few Countries that allowed the option to leave out one's place of birth (on a Passport). Is this still an option with any Country (that you know of)?
Canada 🇨🇦
Japan
Boris is still prime minister until September
I am a US citizen. Unfortunately, it is the only passport I have. I was born in USA. The passport of my heritage, India, is unfortunately quite useless....not to mention that India does legally allow dual citizenship. The OCI is just a visa similar to the US Green Card.
My, wife, from Vietnam is a dual citizen. Her Vietnam passport is worthless. Her US passport is very useful.
We have talked about relocation overseas. Will we renounce or US citizenship, once we obtain something else? Only time will tell.
WAY too fast Andrew, I love when you de bunk, but too much tea this morning? Darlin, I even slowed the speed, but you were pitching fast and normal...
There aren't a lot of things I miss about living in America, but Costco is definitely high on that list *laughs*
forreal costco has some of the worst food and they use the Kirkland brand for all it food and clothing
Costco is communist.
Armenian President story please!
This is not necessary. There is the remedy of adjusting one's status vis-a-vis the Federal Government from Citizen to National, leaving one solely within the jurisdiction of the States and out of Federal reach. Then it's a matter of (a) choosing a preferable state and (b) ensuring that you hold the original land grant deed for the land your house is on (eliminates property tax and takes your home out of state/local jurisdiction).
This is not free-as-in-beer. It is not convenient. There is no form, no retail-level procedure, no automated process; you need to write an affidavit with supporting evidence and proper notarization that is on record (not register) it in a Court of Record that you then send to the Secretary of State for the Federal Government.
It *is* superior to renouncing and leaving the Republic in *defacto* exile. All of the claimed benefits can be realized without going that route, and Americans that merely adjust their status and still go abroad still get those benefits- including the ability to *show* that things like FACTA do not apply to them (as they are not under Federal jurisdiction). The proof is in the passport endorsement that states, explicitly, that the bearer is a National and NOT a Citizen; if there is no difference, then there is no distinction needed. There is one, so the difference exists.
(N.B.: There are OTHER valid reasons to go abroad, attain second passports, etc.; this is NOT one of them, unless you were born in a Federal territory and never naturalized to one of the several states. That's Rafael Cintron's (Wealthy Expat) situation, so renunciation *for him* was necessary.)
I have read Anna's Reitzinger's book and listened to some videos to adjust my status from Citizen to National, but I'm still uncertain. I am a retired person, so I am concerned whether or not I would be giving up my social security income. I would like to have the land grant deed to reduce my tax exposure. Thanks for mentioning the steps in the process to do so. But do you know where I can find out what citizenship benefits I would be forgoing in becoming a national, if any? Thanks for any info you could provide.
What's with the IRS hiring 87,000 people, and all the guns and ammunition they've bought? Have you seen the job description for who they are looking to hire? Doesn't sound like what I picture in an IRS agent, which tends to be more of an office job, computer and accounting type skills, right? Isn't that what you think too? So, can anyone tell me what in the world are they planning with not only hiring so many more people, but what stands out the most is that they are looking for a certain age range, I think approximately, 25-35 years old, if I remember right, and physically fit, who will be trained and given a gun and ammo, what is this about? I don't get it, does anyone know anything about this? Andrew, do you and or anyone else know?
IRS has an investigative dept. Those IRS agents are similar to FBI agents. Full powers to arrest, freeze assets, use force.
Well I want to contribute to my country not get wasted so probably a good idea to leave. Besides Americans like being poor.
Costs too much to renounce.
Canadian can go to Mexico for $1000, $600 for help $400 for paperwork. 10% tax rate for selling stocks and capitol gains.
Might be a good idea if I'm imposing sanctions on America for violating human rights.
Can anybody help me please I’m a little confused bcuz of how fast he talks lol …but I’m an American citizen waiting on my passport as we speak and I plan on moving to da Middle East once I get everything I need situated but I was informed by the IRS dat I owe them 3k idk how bcuz I don’t work for a company or anything for years!! I need to know how much of that will be a liability for me to leave and also once I renounce my citizenship can I come back to see family without it being a problem? Can anyone help please?🙏🏽 I plan on being an entrepreneur(barber) overseas and it’s only so much u can google.
As far as im concerned, FBAR IS FUBAR!!😮😢
why defection not an option you could go on news and renounce citizenship and tell USA you're not paying them jack to renounce.
100% worth it.
Long winded way of saying “maybe yes, maybe no”
The United States Department of State just announced a travel warning to U.S. citizens living abroad to be extra cautious after the death of the leader of Al-Qaeda. How to expats deal with the safety of non-state extremist groups, and are Americans at a unique disadvantage?
You've seen the movie Argo, (true story), right? I actually lived through that, so my perpsective is different, than most American, now.
Can you still invest in Real Estate and Businesses in the US after you renounce US Citizenship? Can you still visit the US?
yes and yes but for real state I think you would have to invest trough a company.
America wants to break my pockets. I hope one day to get rich enough to leave.
Move to slow jamistan. A new country in the US. Just kidding it's in the desert. Even though you can get a slow jamistan passport it isn't recognized here but if it was I would get one.
As a Canadian born and obtaining American citizenship through my career, no, it wouldn't make sense to give up my American. If I lived in Mexico part time, in my retirement years, my Social Security would be taxed Anyway. I certainly don't 'think like an American' since I was born and raised in Canada. But I certainly would not live in Canada anymore. My parents were Greek and Italian. I have multiple Identities, that's for sure!
+
As a russian who waits when market rebounds (to get carribean citizenship), I can say for sure that renouncing Russian citizenship will for it. Russian passport now is like radioactive waste :)))
Yet 600000 people naturalized last year In russia
@@joebidet2050 better than the usa.
@@joebidet2050 I was one of those who got russian citizenship years ago because I had even worse citizenship of one post USSR republics. So there are always worse places than Russia. But if you want to have access to first world, then you need stronger citizenship.
As long as you weren't born in russia, you can very easily conceal any russian citizenship. Just don't mention it to anyone anywhere. It's not like american citizenship where you can be hunted down for not paying your taxes. Russia will leave you alone if you leave them alone.
Trade ya......
I think this is all Biblical..all the power goes back to Rome!
Why, just why did you pay zero taxes? You did not use police? Courts system? Why did all that had to be at other people expense?
He’s paid taxes back when he used to live in the US.
@chronicreader
He said that he paid zero in the US
@@es6544 There are legal exclusions that usually allow expats to not owe any taxes to the US. But... The shear cost of submitting an annual 1040 (and associated schedules) is one reason many contemplate renouncing. There are no benefits to retaining US citizenship abroad if that person anticipates never returning to the US to live.
@Hellig Usvart
If you did not watch the video, why are you commenting?
@@alcraig1 He was talking about the time he was living in the US. How about watching a video before commenting?
Waffle House is amazing.