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.

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 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".

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.

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.

[rubensnogueira]

I love those stories. People think that those scenarios are just crazy theoretical constructs, until Mr. UK Prime Minister himself gets hit by that.

[nigelc]

Three things I take from your videos.
1. Facts
2. Knowledge
3. Options

[LisaCulton]

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.

[eat_ze_bugs]

If the 87, 000 new IRS employees doesn't make you want to renounce, I don't know what will.

[mrpeel]

Your advice is always informed, measured, and never forgets the individual freedom of choice.

[QQQBall]

Dude, the drive-by attack on CostCo chicekns was totally out of bounds :)

[robavz]

I did it when the charge was only $450.

[taraelizabethlivinglife]

Visions off rotisserie chickens in the back of a large vehicle made me laugh😊.

[beardedpanda]

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.

[stevenbennett]

Oh man!!🤣"Waffle House, Starbucks, pallets of Costco rotisserie chickens."

[aussiecapitalist]

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.

[thefilipinojoe]

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.

[yasinnabi]

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 ., , ., .

[TheUndertakerVII]

I fooking love this! I agree with absolutely everything in this video. Options Options Options, try out every single one of them.

[petrpalecka]

Apparently, in spite of this FATCA burden, there are still banks in Europe which welcome US citizens as customers.

[owenmccord]

Yes we want to hear about the President of Armenia’s renunciation.

[swagmasterswag]

These new tax agents doesn’t make me feel any better about this situation

[roti]

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.

[CaseNotesOnFile]

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.

[handle_the_handle]

No taxation without representation ring a bell?