Do I Regret Renouncing my US Citizenship?
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- Опубликовано: 12 сен 2024
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DISCLAIMER: This video is not tax and/or financial and/or investment advice. Any information or advice I give is purely based on my own experience and research. I am not a tax professional and/or lawyer and/or accountant so I am not liable for any steps you take to lower your taxes. I'm not a financial advisor nor do I pretend to be. Always do your own research.
I'm Danish-Italian citizen. If the US paid me for accepting a US citizenship I would run far away. Why? Because of citizenship taxation (US wants taxes even if you don't live in the US).
Make sure you did not crosse our border illegally.
@@bedenb The fastest way to get US citizenship.
@@RadioIlluminaticom LMAO
I'd rather watch the fall of the second Roman empire from my TV in another country, not my front porch window.
Too funny. I guess you haven't seen the state of the U.K. lately.
@purplesprigs it's a failing nation mate
@@purplesprigsjust take a look at today new world order Brics Countries United Against the old world order. New world 💰 And they've been dumping the U.S. dollar😂🎉😮
Lol for real
Married internationally... the day I got residency elsewhere was the happiest day of my life
I'm next up to the plate. Cannot WAIT
Imagine getting denied a visa to the US after you renounced your citizenship. What would the reason even be. Obviously you’re probably not trying to move there illegally, because you renounced. It’s very interesting to think about
It's comes across as disloyal to the United States. You can get a Visa, but it will take time to pass after you renounce.
They deny you for spite for renouncing
I would like to hear real world experiences
They mainly want you to prove you have a permanent home and social ties somewhere else, so that you're not a risk for overstaying.
@NomadicInvestor My father returned to the Caribbean and renounced his citizenship and was rejected for a Visa at the same time. He established himself there (The Caribbean) with a stable income, job, house, bank accounts, credit cards, savings, retirement etc. After that (2-3yrs) they granted him a Visa to travel to the USA again. He visits us once every year or two now.
From $7K to $45K that's the minimum range of profit return every week I thinks it's not a bad one for me, now I have enough to pay bills and take care of my family.
Wow ❤❤
All thanks to her Sophia
Great
I've been making more than $21k
passively by just investing through an
advisor, and I don't have to do much
work. Inflation or no inflation, my
finances remain secure. So I really don't
blame people who panic.
Sophia
How does Renouncing Citizenship affect:
1 - Social Security
2 - 401k
3 - My U.S. house
Social security - not affected at all
401k - depends on the amount of
US House - not affected, foreigners can own property in the US
401(k) also depends on age & if it is a Roth or ordinary. Has it rolled over to an IRA? I mean presumably if you are leaving you are also likely leaving behind the US employer that created the plan.
@@barb8707 if it is social security retirement which you earned, you assume incorrectly, although it will be taxed at up to 30% federally as an FDAP payment, it could be less, but you earned it and renouncing does not change that fact.
@@WealthyExpat So, once you get to the correspondent age can you get your social security if you're not american and live in another country?
@@Pablo-m4q2d yes
I have been living in the EU for almost 20yrs and have gain citizenship years ago. I am considering renouncing as well. I think that we are of different political stripes, as I moved here when Bush was re-elected president, I was out of there. I figure that I will never move back, plus I could never afford healthcare. Here, my healthcare is virtually free and meds as well. When I visit the US, I find reverse culture shock. I am looking to begin the process soon. I want to be able to make my last vote in November, and then I'll just be a Belgian. I can visit the US with an ESTA. Yes, it is an emotional decision. But, it just makes sense for me.
8:41 Spitting FACTS about my country! Thank you sir👏 👏 👏
Alot of people don't understand this guy is spettin truth about United state 95 percent of food you eat in USA is GMO
The West, including the U.S is in sharpe decline.
Facts
/// oh yes we sure are , vary quick.
BECAUSE of the "certain group of people" he mentions twice in the video
That is defeatist believe. We are balancing with the rest of the world.
"Enjoy ur country, going downhill, enjoy the decline"
Wooh that's harsh dude, looks like someone's pissed about the US.
Tbf he is trying to sell his service to Americans
But accurate though
He is right about that….
@@BondAndLeiter I understand you enjoying a less stressful life elsewhere, but why would you enjoy the decline? Don't you still have family there?
@@erich4812 accepting the inevitability of decline and focusing on personal well-being and happiness can lead to a higher quality of life and mental resilience, rather than futile resistance... sometimes its better to let go and enjoy
I thought we were “ Land of the Free”? I will just come through Mexico in the night hours.
You have not realised that the US passport does not have such great respect, it is less than Brazil, and it will get worse, it is already down to 44th on the list.
😎”Money doesn’t really make you happier. I’m a millionaire.”
Remember, I said that because I have already got money and happiness.
Buddy you're gonna have much less trouble with an Argentinian password as with a US passport in real life.
As in when you forget password?
@@Ducktility As in when you open a bank account anywhere in the world, want to hold crypto, visit many countries and people don't hate you for being from a country that has started so many wars abroad and so many other situations... 😅
Or you can just reset it.
@@julionaya81More like all the people that love Americans for sending Trillions of US dollars (the World Reserve Currency by the way) to invaded countries to save their countries and lives.
Bro your a beast. Congrats on your escape.
Thanks for helping others ❤
I've grown to appreciate this channel more and more ever since I realized that you understand the 'truth,' especially about the “ruling class”.
Thanks for the recap!
I have a question:
I literally planned to find a way
to work in the US as a Doctor and obtain citizenship, but this video is giving me second thoughts.
So my question is, do you think it is worth it to work and build my future in the USA? is the American dream still alive OR did it die long ago?
Thank you
New American dream is to leave, i am counting my years, a year ago it was 10 more years, this year its 5 years, watch in 2 years will be packing my bags
As a doctor that might be a different situation.
Only you can answer that, but you will be taxed on your worldwide income even if you have just a green card so. If you're going to stay in the US till retirement or a very long time then it might be worth it but if you plan to use your USD money to invest abroad that's where the issues would arise and renouncing the citizenship later on if you have high net worth is cumbersome.
😎”Money doesn’t really make you happier. I’m a millionaire.” Remember, I said that because I have already got money and happiness.
@@RichFreedomDragon Well, it's not easy to be happy when you are living in poverty. It's much easier to be happy when you don't have to worry about how to pay your bills. Money buys you freedom so you don't have to be anyone's slave.
"And you can actually enjoy the decline, enjoy the country going downhill" 🤣🤣🤣🤣
Enjoy? Not likely, but if you ignore history you might expect it.
8:45 who are the group of people that controls the show?!!!
AIPAC?!
Many countries of the world have better diets than the US because of the lack of government oversight on food additives and chemicals which lead to obesity and many other diseases and health problems. GMOs have a bad rap because the US Government doesn't enforce farmers for using toxic pesticides on them. It's usually not the GMO product (sweet corn, strawberries, bananas and many other common foods are GMO created by farmers), but the treatments. The US has also not banned the use of toxic food colors, preservatives and food products like High-Fructose Corn Syrup which is a killer because it is created from government sponsored farms.
Someone in the know.
Is us passport really that respected at the moment? Feel like most countries hate the Us right now or disslike them.
Being a U.S. citizen mostly matters to enter the US. Internationally there are better passports.
For those sitting on the fence, this video was invaluable. Thanks.
Do you think it’s better to move to Switzerland Scotland or Denmark ?
Switzerland, and it is not particularly close.
(From a US citizen in CH.)
Just a curious question, if you renounced your citizenship and apply for a U.S. Visa, are you going to get it easily?
Canadian passport is better than the US passport, especially for living abroad
Not really. Most investments, private debt & equity, resource deals, bond, banking and brokerages are closed in Eurasia to American citizens, period. In some cases, you're also blocked from doing any business and even owning real estate.
Have fun with 65% capital gaines tax
USA wants 46 percent capital gains ?
Does that apply to green card holders too? Thanks @@davidrichards1741
Can you leave Canada without the jab?
Which citizenship did you take after renouncing the US one?
Tanzania
Iraq
@@lalgonultas Afghanistan
He has videos about how he initial took St Kitts but then has also added some more since
@@RomilCPatel north Korea?
PLEASE cut back on the plethora of video cuts you use. You even use it to cut away little breaks you make between words. It's annoying to watch and listen while the content itself is great! Also, PLEASE stop using such flashing animation. I literally just closed my eyes after a couple minutes and instead just listened.
Jeez man. Everyone isn't a film maker.
You're free to not watch. My goodness, he does a great job. Nitpicking...no?
Lmao "its a hassle getting a visa."
Why bother? Just get a flight to a Mexican border town and cross over saying you "fear for your life" in your home country. Bing bang boom. Done 🤣
No regret for. I don’t paying taxes not living in the country.
Yea, but what is the nationality of RUclips that you are proudly using?
Argentinean? or Dubaian? or American?. United States is the nation of innovation whether you agree or not. United states always welcome technically talented people.
Okay "Tamil" lol
So happy for you!!! Heading your way very very soon!!!
Sounds like you took a L
What about all the money you put into social security over the years?
I am Canadian. When did you realize and/or made the decision to relinquish your citizenship. I wonder about the thought process beyond what your video shows.
I am Canadian too. Like uncle Sam will tax you abroad. In Canada they don't tax based on citizenship. I live in Singapore and I only pay Singapore tax.
Congrats 165k
Followers
As for Me watching from Africa, this is an insight that I thought being a US citizen has more benefits , whereas there are some disadvantages., thank you for sharing
Where I come from, we go by a very well known saying and we like to center our actions by it; "He who said it, did it"
But if you were less than 30 days in the US you dont have to pay tax, Why you had to renounce if you literally live outaide?
If US collapses them so will pensions. What then?
What pensions? And what does this have to do with the video?
Then it makes a hell of a lot of sense to NOT have all of one's eggs in that collapsing basket, doesn't it?
i have german pass but still i need visa for USA, and like you i have to tell why ...
You should be able to get an ESTA, which is a very straightforward process and of fast authorization, and it lasts for several years
@@ricardodaros6no I visit constantly Iran 🇮🇷. They have some issue with Iran ❤
I’m Puerto Rican myself.. lots of people do the 6 months in pr live in the us the rest of the time.. I wanna be international and not pay tax lol I know there are some above the law folks around here that can just do whatever lol who would make way more than myself
nice video. Thank you
Top-notch team at Revux - expecting big developments soon!
Tracking Revux development - impressed with the progress!
My concern is that at 61 is that if I gave up citizenship I 😢 would lose my social security income, which is my only source of income. While it's only around $12,000 annually, I don't know where I could work a few years in Europe and retire with more than $12,000. Heck, I can't even afford housing as a US citizen and have been homeless or living in shelters since 2010!
You dont lose your US Social security if you renounce your US citizenship
Try the Dominican Republic. Depending on the location you can get an apartment for $200-600 dollars
How much do they charge you to renounce?
When I was looking at a video. People said 20k USD. I am not a US citizen and I was never one. But acording to a video someone paid that much.
If you ever want it again just illegally walk over the border.
Give it give up something you just add on. So what you should’ve did was just add on other citizenships don’t subtract.
Revux and Shopify's partnership is a potential mainstream explosion!
Increased my holdings in Revux - feeling confident about this one!
I think keeping a greencard and not getting an US citizenship is the smartest move. Unfortunately I was a minor and my father thought I was stupid of not whating a US passport.
Green card has the same issues with world wide taxation and reporting
@RomilCPatel it does. Having a greencard is much easier to give up, than citizenship. If enough people give up their citizenship, I could see the US make it to where you can not renounce your citizenship at all, especially to those born in the US. I worked with a few people at my last job, where thry refused to get US citizenship, because they were working here for the higher pay. Once they retire, they're going back to their birth country, and except for 1, all going back to Mexico. For one lady, since she gave birth to her children in the US, her children are automatically US citizens. Her current and former husbands are Mexican citizens on US green cards. Her children are also Mexican citizens as well, and will be up to her children, if they want to retain US citizenship. One lady I know, was born in the US to a US mother, and an Irish dad of the Republic of Ireland, and she recently got her Irish passport, as she's automatically an Irish citizen, based on her dad's citizenship to Republic of Ireland (most of Europe, including Republic of Ireland, don't base citizenship by being born in a European country, but the citizenship of the parent). I don't know what her long-term plans are for the US, if she'll stay here.
@@davenwin1973 exactly, I was forced into US citizen, I do have Brazilian citizenship too, I hate the US. It is just a sick society, Brazil is a banana republic, but the US is becoming one and I hate both the left and the right, the American right is just so arrogant and has no empathy, and the left is just so morally wrong, they are both authoritarian. I hate the US and wished I was never a US citizen. I prefer to be Brazilian even with a socialist thief as president.
Lol you're not gonna add twenty years to your life by avoiding GMOs
Honestly I want to move to Europe, however; idk how to go about it. I would like go to either Germany, Sweden or Switzerland, permanently. I just need to find a way to get money to even start, well…& figuring out where to start in general- other than learning the language of the country I move to.
OMA, 10 Minutes of Just Spitting Straight Facts. A lot of Love and Support from Peshawar, Pakistan!
What about retirement? What about the money on your 401k once you're not a citizen?
How do you visit the US? Do you need to get a visa? Can you reacquire citizenship ever?
If you hold a passport from the EU you don’t need a visa to visit, just an ETA/ESTA (pre-travel authorization). The same applies for citizens from Canada, Chile, Japan, Taiwan, South Korea, Singapore, Australia, or any other developed/advanced country. You can visit for up to 90 days (with the exception of Canadians, who can visit for up to 180 days).
As for reacquiring citizenship, of course you can, but by naturalization. It doesn’t matter if you were born there, one you renounce you’re treated as a foreigner.
Since when GMO is bad?
Genetically Modified crops survive the pesticides and herbacides....but YOU are still affected by those pesticides/herbacides!
Almost all crops are GMO.
Bro thinks America is gonna fall easy this is just bull$#!t
4 years of Kamala and it will be over just look how we have fallen in the last 4
Look The influence of the US is important to many countries.If America falls, so does everyone.
@@sufiarshanazizfaruqspeedde8790 *the West.
Jerar Depardieu
And where is that better country ?
in his case: become a citizen of a caribbean nation nobody has beef with (St. Kitts+Nevis; you might not even know it) and as a caribbean citizen you are welcome almost everywhere.
It's a long list
Was it love, or was it noisiness? There get's to a point to where someone becomes so invasive, it's literally obsession. They are so ashamed of their actions and what they did to the point to where they don't even know how to tell me...... If you can't tell someone wtf you did because you know exactly what you did, perhaps you shouldn't have been doing that in the first place. Instead of addressing the situation, they find portals to initiate the conversation of the topic..... They want to control the outcome of my life but it is not up for controlling.
Nope 🙅♂️
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Revux low presale price is a steal. Time to load up!
An African like me is looking at these videos and wondering, what is wrong with this guy? A lot of people here will do anything to get the passport you renounced.
He has explained it to you, america is going downhill. And for globetrotters it's a liability to be an american citizen, you need to file taxes and declare everything even if you live full-time in other countries.
This guy has millions in the bank, and has passive income, that should explain it, and maybe don't come here either.
If you are wealthy you can save millions a year in taxes alone and ditch all the financial reporting requirements. If you are a "Poor", this doesn't apply to you.
Watch the video.
He is pretty damned clear about why US citizenship can be problematic.
His name is Wealthy Expat. He already has it made but wants to keep more of his earnings and wealth away from the reach of US tax laws and from politicians such as Biden who wants the rich to pay more taxes. Obviously he is not speaking to the average American.
US Gov cold wallet has 13B$ in crypto and well it's the most harsh country for crypto. so irony
Just don’t you have to pay taxes in the country you are staying at like its Nordic countries tax very high because of socialism ?
🇨🇦Canada🇨🇦 takes a 1/4 of all the value of your assets before you leave…
No they don't I left Canada 20 years ago but I own land there. Like I left but kept my citizenship.
Wealthy Expat, he was born in the United States of America, so he will never be anything else but American because he was born in Puerto Rico, which is part of the USA.
Strictly speaking he is not American anymore. If anyone can become an American by crossing the border, can't one un-become an American by leaving?
@@arnoldvosloo220 💯
Americans, in the context of US citizenship, are a citizenship group, not an ethnic group. If he doesn't have US citizenship, he's no longer American. He will however always be latino though because he's from Puerto Rico.
@@evandewind4264you can be of a different race even though you were born in Puerto Rico. You will be Puerto Rican by birth, but you can be of any race. As a consequence, Puerto Rico being a U.S. territory, he is de facto American. This is the same as if someone was born in Florida, they will always be “Floridian” of any race but essentially they were American because they were born there. It’s the same thing.
@@VidzSong Latino means people from Latin America, which includes Puerto Rico. You don't have a damn clue what you're talking about.
If you go to bankruptcy, USA is the best country to make business and money again…I think was a mistake…
We have properties and assets in Europe. I heard if I renounce my US citizenship, I have to pay taxes on my assets that I owned in a foreign country.
You do if you sell or get an income from them.
Exit tax
Do You Fear The Future
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Can you make video on Panama?
2:35 naaah, the german airport (technically it is schengen area issue) is cool with St. Kitts. visa free access now and scheduled for ETIAS access later. same queue as USA and 50 other friends of Schengen, comes 2025
caribbean CBI will do homeworks for that because the schengen access is a sale argument for them. also means carribean CBI will likely limit the sale to people of origin nobody has beef with. for example no russians or chinese if they can help it.
I had issues in Frankfurt with all my passports, absolutely hate that airport
@@WealthyExpat uuh should not happen because you ARE entitled to visit on St. Kitts+Nevis passport afaik.
sorry to hear that :(
@@WealthyExpat its normal, germany is like this. they are sadists.
@@rivenoak By entitled do you mean visa free? Because that's not an entitlement. They can still reject you or give you a hard time.
@@arnoldvosloo220 visa free means exactly that or it is not visa free.
Wouldn’t giving up your U.S. citizenship and passport means you CAN NOT get your Social Security benefits anymore???
No thats a misconception
Most nations are not on a banned list that prevents your from receiving your Social Security income, like North Korea or the "Stans". Social Security can withhold 25.5 percent of your benefits if you renounce and relocate abroad. Some people can lose nenefits such as "Survivors" or "Dependents".
@@jager6863is there any country in the west you would recommend people to move to
It's not like you're going to be getting benefits after 2032 when SSI is bankrupt 😅😅😅
@WealthyExpat when a person gives up there usa citizenship they lose there social security benefit learn before u speak u dum dum my father's best friend lost his social security benefits cus he moved to Korea 🤦♂️ u dum dum
Schadenfreude
nah, seems more like accepting the inevitability of decline and focusing on personal well-being and happiness.... focus on leading a higher quality of life and mental resilience, rather than futile resistance... sometimes its better to let go and just enjoy
Revux promising roadmap signals exciting times ahead!
U.S. is declining.
Revux whitepaper blew me away. RVX is the future of crypto!
I would
I'm trying to get money to move from the United States to Vietnam I'm trying to save up enough money for I can put towards opening up like a american-style bar and grill. It'd be like having a Chinese restaurant in ours.
Is Australian passport same as us , pros and cons
It is a real shame some people don't realize how lucky they are to be citizens of the greatest country in the world while millions are waiting by the borders trying to get in.The US dollar despite popular belief keeps going upl
How, specifically, is the USA the "greatest country in the world?"
LMAO, the US is not the greatest country in the word! who tf told you that?
The greatest for lazy peoples ,not for everybody
It's a matter of perspective. My experience might differ from yours.
@@wildwest314 The best place for Donald Trump.
Bs. Misleading bro, do some research. You renounced, so what, you still need to report to IRS at least 5 years after renunciation, or face jail. Many other points wrong as well 😢 Exit tax you’ve never heard of?
That is wrong, you stop paying taxes the day of renunciation
That is wrong, you stop paying taxes the day of renunciation
Freedom is in Antarctica!
Were you born in the U.S. ?
None whatsoever!
Crypto is just too cryptic for me.
I couldn’t do it ONLY cause of my family and my friends . It’s home even though it’s probably going downhill Houston Texas is home
Same here….Minus the family & friends. Don’t have any. I am also in Houston, Texas and I use my house to file tax every year.
Our family (and a house) are in the States, and we live overseas.
We find it pretty doable.
I lived in Houston. Okay place. The "city of strip malls" seemed to have most anything one would need. The local economy seemed to be questionable at times though it seemed to be functioning judging from the traffic and the pretty full carts at HEB and Walmart, but didn't matter to me since my income derived from the national GDP more than Houston's GDP.
Cons outweigh the pros imo.
Eyeroll.. youre whole right wing nonsense was really disappointing
Bullshit
Was you American or South American? Sound look South American ?
The difference? He had US citizenship
At least say thanks you don't have an Israeli citizenship
Couple other negatives is that you lose your Medicare privileges and your Social Security benefits
His face is filled with regret
Abimbola lol
Revux use case aligns with what the crypto world needs.
A lot of these reasons seem to have more to do with choosing to live as a guest rather than an involved citizen. If you are an involved citizen, you'll follow the politics of whatever country you live in and you'll care about what's going on there.
Big tech and our media is picking our leaders, what so hard about seeing that.