Leaving the USA Isn't THAT Bad

🚨 IMPORTANT UPDATE: Since the recording of the video, Italy's lump sum tax has doubled to €200K.

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The video addresses the complexities and considerations of renouncing U.S. citizenship, particularly focusing on misconceptions about the process and financial implications. Mr Henderson critiques a CNBC article arguing that renouncing U.S. citizenship for financial reasons often doesn’t make sense and provides a counter-perspective based on his own experience and client cases.

00:00 Start
00:55 Misconceptions about Renouncing U.S. Citizenship
01:17 Tax Obligations for Americans Abroad
04:56 Strategic Tax Planning for Expats
08:46 Process and Irreversibility of Renouncing Citizenship
10:43 Impact on Reentry to the US
12:42 "The Pain of Being an American"
15:11 Why American Expats Renounce US Citizenship

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No other firm offers clients access to more potential options to relocate to, bank in, or become a citizen of. Because we do not focus only on one or a handful of countries, we can offer unbiased advice where others can't.

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.

[LostintheUS-]

Greetings! 2 days ago, I was doing a little research about renouncing US citizenship (as I'm not 100% against doing so).

Nomad Capitalist's article on renouncing US citizenship came up in the search. I read the lengthy article twice, and I almost cried.

It was something about the statement ("walking out of the US embassy, after renouncing, I felt free.") that made me emotional.

I really would like to experience that feeling.😊🙏🏽🧘🏾‍♀️

[sarahbritt]

Interesting that this article came up now. It shows me that the USGOV is getting worried that they might lose entrepreneurs and large chunk of their tax base

[tommy]

You are right. It’s too easy to express an opinion these days. In the nomad community in particular, we must carefully calculate and then make our own decisions to design our lives the way we want to.

[GringosOnTheGulf]

Hola Andrew 👋🏼👋🏼
Great video, thanks for sharing your time with us all. Cheers from 2 Canadians 🇨🇦 living in Mexico.🇲🇽✌🏼

[stephaniemcgreevy]

I agree that other people or so called experts should give their own personal experience then perspective. So many just want others to agree with them so they can feel good about their choices. Fear rules so many peoples lives. I am personally trying to break free of many of my own fears doubts and insecurities and start working online remotely. I knew I would live abroad 10 years ago. I have my own reasons and don’t feel the need to explain myself to others or no longer get their approval. I’ve traveled a bit and really enjoy immersing myself in other cultures. Thank you for all the information you share.

[tstcikhthys]

Haha; "how about we let each country decide how much civilization each country wants?" Good one, Andrew; I'll have to use that one next time someone says that to me.

[adubs]

I cant wait to renounce. Im not financially sound yet to get a (good) 2nd Citizenship yet. But I will asap.

[ProLookout]

Americans get double tax within state taxes, I mean ppl can sometimes be so simple-minded.

[GSAZYNSKI]

A woman I work with in Vermont is a Canadian citizen, but not US. I told her not to get US citizenship because she will be subject to taxation on income worldwide, if she ever earned a very high income outside of North America. She can enjoy most of the rights and privileges of US citizens as a resident alien.

[Ron-zrse]

This is the type of article that is written by those that have been told since birth that they live in greatest and most free country in the world. It is a lie and they never checked to see if it was true. Thinking that a person would only renounce because of taxes is laughable, that is just a small part of why a person divorces the US and walks away.

[staceya]

That article is so democrat slanted 💩 I will renounce because this US is not the US I was born in, educated in and voted in. I am a 3rd rate citizen in my own country while non-citizens are treated like K&Q. Let them pay for it.

[Echoesofwhispers]

Andrew, please do some videos on those who want to retire early and leave the United States.
There is not much content out there for people who are under the age of 65 and don’t want to live in the US anymore. Navigating visas without technically being retirees (age 53) is mind-boggling. We have a steady pension coming in and are having a difficult time figuring out retirement visas. Most countries assume you are over 65 to qualify for retirement visas.

[lillyschr]

I just love these videos. Even not being an American, having a well-rounded lifestyle, and being able to expand one's choices, this is the right place to look for options.

[brettlaw]

There was a comedian a while back that would joke about how people would ask him why he doesn't give up his citizenship if he hates America so much, "What and become a victim of US foreign policy?"

[kurtco]

Thanks, Andrew. This is very sensible advice. Thanks for not being black and white and for offering such a nuanced perspective.

[fookooseeya]

Is Ireland coming off the good country for nomad ?
The amount of volatile intrusion, seems the shine has come off for me.

[kiyoshitakeda]

Do what is in your interest. Leave behind national association. It can cost more money. Do what is in your own best interest.

[dianaj]

another terrific video! My uncle was a doctor living in Canada and gave up his US citizenship because being double taxed was a nightmare! Because he was living in Canada, it was difficult to claim deductions for his equipment and operating costs the way I understood it at the time. His only regret was not being able to vote in elections... which was funny to me, because one vote ... well, I wonder if it matters at all :)

[a.reisens]

I have a question: While I know it's a very personal decision (and this can in no way be considered advice) at what point in one's financial journey might it be wise to renounce one's U.S. citizenship?

I know that U.S. citizens living abroad are allowed to exclude our foreign earned income (up to $125, 000/year), but do other assets/business earnings also come into play here? At what point might someone wisely say, "It's time"?

[PreampCnnsr]

I checked out at CNBC.

See you in KL