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The BIG LIE About Exit Tax

2024-12-09 Education
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Nomad Capitalist
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Become a Client: https://nomadcapitalist.com/apply/ Get our free Weekly Rundown newsletter and be the first to hear about breaking news and offers: https://nomadcapitalist.com/email Join us for the next Nomad Capitalist Live event: https://nomadcapitalist.com/live/ In this video, Mr. Henderson clarifies misconceptions about the United States exit tax and explains the costs involved in leaving the USA, whether by renunciation or simply moving to another country as a US expat. Mr. Henderson also explains how Americans can move to another country to lower their taxes while maintaining the style of life they enjoy. 00:00 The Truth About Leaving the U.S. 00:33 Citizenship-Based Taxation 02:00 Taxation For Americans Living Abroad 06:10 Misconceptions About Puerto Rico's Tax Benefits 10:32 Exit Tax 11:18 The 10-Year Tax Myth 15:30 Considerations Nomad Capitalist helps clients "go where you're treated best". We are the world's most sought-after firm for offshore tax planning, dual citizenship, and international diversification and asset protection. We use legal and ethical strategies and work exclusively with seven- and eight-figure entrepreneurs and investors. We create and execute holistic, multi-jurisdictional Plans that help clients keep more of their wealth, increase their personal freedom, and protect their families and wealth against threats in their home country. 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. Become Our Client: https://nomadcapitalist.com/apply/ Our Website: http://www.nomadcapitalist.com/ About Our Company: https://nomadcapitalist.com/about/ Buy Mr. Henderson’s Book: https://nomadcapitalist.com/book/ 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.

Top Comments (10)

@ethxo6734 2024-12-09

The new American dream is to leave. It’s miserable here.

139 20 replies
@hwica2753 2024-12-09

My son was born in the USA but left the country when he was 19, and he is now 44 and has no intention of returning, not even to visit. For the last 25 years, he has had to file a tax return, and every year, he owes nothing. Filing became so complicated that he had to hire an international accountancy firm and pay them around $2 K each year. Eventually, he applied to renounce his US citizenship, and that cost a couple of thousand $'s as well and took 4 years because of the backlog. After all that, the rules require him to keep filing for 2 years after he has given up on his US citizenship. The vast number of US citizens living abroad are like my son and didn't look leave to avoid taxes. Rich people will always get around it, and regular citizens pay the price. One more thing, many banks in Europe won't allow someone with a US passport to open an account because of the reporting rules they have to follow to the US government.

115 12 replies
@tripleairgoddess 2024-12-09

"land of the free"

48 2 replies
@leemartinez2975 2024-12-09

I wish I could expatriate but as a working class American I need access to the US job market. I am grateful that I can work remotely and live in Mexico.

40 11 replies
@InsiderTimes-d6q 2024-12-09

The new trend in the United States is to live in a car. People can’t afford the high rents, and are less likely to buy a house. But many cities prohibit living in cars, even if you’re out of the way in a non residential section of the city.

38 4 replies
@shaungilmartin1505 2024-12-09

alot of ountries are worried about losing their tax slaves

16
@Charles-n8p 2024-12-09

Incredible you have to pay the USA to leave. Their crazy.

15
@threejaguar 2024-12-09

The foreign tax credits are for amateurs. If all your assets are in a foundation or trust, you take out zero interest loans from your trust. Loans aren't taxable unless forgiven.

14
@joseperez-ig5yu 2024-12-09

Hey Andrew, you've provided lots of valuable tax information your viewers may be able to use!😅😊

12
@nonesofat 2024-12-09

Informative as always

9

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