What is Exit Tax? Should you be worrying about it when emigrating abroad?
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- Опубліковано 3 сер 2024
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If you cease to become a resident in many countries (you leave your country to live somewhere else) you might be subject to the exit tax.
In the USA this happens when you renounce your citizenship if your assets are worth over a certain amount.
But what is Exit tax all about? Is there a way to leave your country without paying this tax?
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Clear as mud
Since you asked, what we want to see, are you able to touch a bit on how US citizenship-based taxation works? What is the rough overview of what US citizens need to know about having dual citizenship (while living aboard) when it comes to income taxes? Thanks so much.
Sure will definitely make you a video on that
@@MichaelRosmer Awesome. I have heard the US has some unique rules, and that some people renounce US
citizenship because of it, but unsure where to start learning. I am a US citizen looking to move myself (and my digital business) to Bulgaria in the future.
And thanks for the great info in your vids! I am going through your whole backlog.
@@ellieinBG yes that is correct, I'll make a video for I to discuss it
It might be helpful to mention HOW to plan around it... what to do, how a person triggers it, what it is, etc. you didn't really say anything...
Yeah the problem is it varies by country so I tend to focus on details in other videos
The flies are reading your shirt.... Good content questionable tee-shirt.
Haha good point
For Canada, is filling the form asking the CRA for their non binding opinion useful?
Depends...it will make it more clear if you return. Though can be a hassle