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.
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.
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.
@@JayStillYung 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. 😂
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.
@@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.
I just realized I'll be treated better as a visitor than a citizen of the US. 180 day tourist visa instead of this stupid 30 day window to qualify for FEIE. And save $10k a year on taxes that I can use to support my aging family, whereas otherwise that money would go to people overseas. Not my people, like those drowning in NC. My American exceptionalism friends have been saying the US is going to have a golden age, but even if that is true, it'll positively affect all the other places worth living.
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.
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.
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)?
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
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.
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 👍
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!
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?
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 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 :)))
@@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.
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.
@@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.
I love those stories. People think that those scenarios are just crazy theoretical constructs, until Mr. UK Prime Minister himself gets hit by that.
Three things I take from your videos.
1. Facts
2. Knowledge
3. Options
then Action!
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?
If the 87,000 new IRS employees doesn't make you want to renounce, I don't know what will.
The American nightmare
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.
Your advice is always informed, measured, and never forgets the individual freedom of choice.
I did it when the charge was only $450.
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
@@JayStillYung fees that amount over 2000 dollars.
@@beardedpanda5086 ok.
@@JayStillYung ok 👍🏽
@@JayStillYung 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. 😂
Dude, the drive-by attack on CostCo chicekns was totally out of bounds :)
Land of the fee home of the slave
Visions off rotisserie chickens in the back of a large vehicle made me laugh😊.
Oh man!!🤣"Waffle House, Starbucks, pallets of Costco rotisserie chickens."
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 .,,.,.
Apparently, in spite of this FATCA burden, there are still banks in Europe which welcome US citizens as customers.
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.
@@richardbrown9344 sounds like Gestapo tactics to me.
These new tax agents doesn’t make me feel any better about this situation
Yes we want to hear about the President of Armenia’s renunciation.
I fooking love this! I agree with absolutely everything in this video. Options Options Options, try out every single one of them.
Yes is worth it... No more llegal extortions...
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.
I just realized I'll be treated better as a visitor than a citizen of the US. 180 day tourist visa instead of this stupid 30 day window to qualify for FEIE. And save $10k a year on taxes that I can use to support my aging family, whereas otherwise that money would go to people overseas. Not my people, like those drowning in NC.
My American exceptionalism friends have been saying the US is going to have a golden age, but even if that is true, it'll positively affect all the other places worth living.
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 ?
If it works for your situation and you have the resources? Absolutely!
It's eye opening even to just move abroad for 6 months to a year . Enlightening to listen to the other side
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.
What is the Exit Tax Rate if you have $10MM, $25MM, or $100MM if you renounce US Citizenship? The lump sum amount.
Yes I would like to take my studies seriously...
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
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
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.
Good video, Andrew. Thanks!
I do not earn 7 or 8 figures. But I do enjoy hearing your info. I can dream😀
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 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.
Might be a good idea if I'm imposing sanctions on America for violating human rights.
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!
100% worth it.
Story of president of Armenia who stepped down please
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...
I loved this video!! Thanks for everything you do your doing God's work!!
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.
Hell yes it does!
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.
Really good video
why defection not an option you could go on news and renounce citizenship and tell USA you're not paying them jack to renounce.
Well I want to contribute to my country not get wasted so probably a good idea to leave. Besides Americans like being poor.
Armenian President story please!
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.
Trade ya......
ya, but Russian girls are sexy! :)
As far as im concerned, FBAR IS FUBAR!!😮😢
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.
@davidrockefeller2007 It's still $2350 to renounce your citizenship.Doesn't matter where you are, every consulate charges that.
America wants to break my pockets. I hope one day to get rich enough to leave.
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.
Long winded way of saying “maybe yes, maybe no”
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.
I think this is all Biblical..all the power goes back to Rome!
Boris is still prime minister until September
+
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.