As soon as I become citizen of the country I am bone fide resident, I am renouncing US Citizenship. It honestly breaks my heart, but it gets no easier each year, having to comply. The cost and stress of compliance is not sustainable. Yes, I do feel betrayed by the country of my birth.
I’m a us citizen living abroad and I just started to decide I should open a Roth IRA and come to find out I have to have permanent residence etc. I went down the deep, dark hole. Thank you for this video. It’s strangely not easy to find videos for us citizens who are non-residents
I highly recommend getting consultation by IRS Medic. I have been living abroad for 17 years and taxes have been and then the FBAR were a constant stress. After getting consultation about my situation it alleviated a lot of the stress. I have to say that if you have a child abroad with a non-US citizen and don’t plan on moving back to the US, it might be a good idea to not get them a passport and SSN. You might end up deciding to rescind their citizenship and pay a couple of grand in the process (after they turn 18).
This is exactly why I'm thinking of not getting a SSN for my kids. Sad really because I'd like for them to be citizens, but the long-term cost and stress is too much.
yeah, my son will NOT be getting his U.S. citizenship...it's extortion via birth...I am strongly considering renouncing my citizenship...but they raised the amount which is beyond what I can afford.
They told me I need to wait 5-7 business days after they send my FATCA questionnarie to the u.s.!!! WTF is this shit? They said the u.s. needs to approve the opening of my savings account here in Ukraine . Ilve lived outside of the Police State for 14 years, and banked in half a dozen jurisdictions. The personal banker said this is a new part of FATCA for 2020. . Anyone else encounter this yet? I hope this banker was wrong. I dont need another reason to hate my country even more
I completed my taxes as a retired expat on Turbo tax. I don't see any difference from my taxes last year. Is there anything that has to be filed in addition to what I always file? It looks exactly the same.
If you are expecting it to go down, I think you need have “earned income” and state that on form 2555. Note there are no exemptions on passive income. Also, you may need to pay additional tax in your new country. I’m not an accountant. Good luck.
What should they do? They should work with software developers and create API to automate a lot of the work that is currently manual and requires everyone to read too much stuff and waste too much time. Also they should not damage individual Americans abroad or small entrepreneurs abroad while trying to get back at large corporations that have been evading US taxes for so long
Not sure if one can renew the US passport without filing , so isn’t it better to file a zero tax return just to stay in the system ? For all they care you could be living off your savings. Also, would not filing make them block your social security income ?
@@pb2325 - I meant SS money when the time comes at 62+ years . One of the medic videos suggested how will ever impose any penalty if you don’t file form 8938 or fbar.
US is the only country in the developed world to tax by citizenship regardless of where in the world you reside. Nobody likes to pay taxes and I’m no exception however, the panelists missed one big reality about US taxes. Congress is the one that passes tax laws and grants exemptions and by the way created the IRS. IRS then is charged to codify the law, collect taxes and enforce the tax law. When dealing with the government you are by definition in an adversarial relationship. So, that shouldn’t be a surprise. Government is looking to protect its assets and rights as much as we as individuals are. I’m no apologist for the IRS and hold my nose while I pay my taxes but the energy to change the tax law needs to be directed at the Congress.
You know Johnny - the government makes it very difficult to come up with good reasons for certain expats to file. People legitimately have to choose between compliance and torching their wealth. And I am really supposed to get on a video and say "file or else?" For some people, filing can be assured catastrophe, whereas the "else" is possible catastrophe. Their decision not to comply is actually quite logical. The upside is we have Laura on this as well - she totally gets it and she's in the inside pushing hard for something that makes sense. PS - love the new avatar pic. Your rear delts are popping!
IRS Medic If you have assets in the US you NEED to file. There is know way out of it. They will crush you into powder if you don’t. I have been living in Switzerland for 17 years. After my third year I just freed my mind of the fear of filing. I am American, Italian and Swiss. Because I’m American all my bank accounts were canceled. although I did not think so at the time, It was a blessing in disguise. I told myself that this is the last fucking time some snot nose Swiss punk was going to effect my life in this manner and got to work. It took some time but with a combination of medals, cash and crypto I’m completely free of banking and I can spend as I like, trade contracts on the CME. But most importantly the bone of contention with banking is over. Not depending on these institutions anymore is key to your Financial security at this point in history Thanks for the comment on the rear dealts. they are a Stubborn little muscle. just like calves and you have to work on them at least every other day
Yes please!!!! Inform the US treasury. US tax attorneys telling the US treasury this would be great. Show them the statistics, show them the hardship, show them that the IRS is a victim.
Let me say it! If you are the full time resident and citizen of another nation with no connection to the US other than accident of birth then compliance with the US tax code is COMPLETELY OPTIONAL AND USUALLY COMPLELY STUPID! This is an issue PRECISELY because of the appalling way the IRS treats those who DO comply! There is nothing fair or reasonable about the way the IRS treats US citizens abroad, the very reason most do not comply and why you will wait a year to renounce at one US embassy at least. There is nothing the IRS can do to the full time resident and citizen of another nation with no US connections other that US citizenship, don't volunteer to be hurt.
As soon as I become citizen of the country I am bone fide resident, I am renouncing US Citizenship. It honestly breaks my heart, but it gets no easier each year, having to comply. The cost and stress of compliance is not sustainable. Yes, I do feel betrayed by the country of my birth.
Simply don’t file as suggested in the video
I’m a us citizen living abroad and I just started to decide I should open a Roth IRA and come to find out I have to have permanent residence etc. I went down the deep, dark hole. Thank you for this video. It’s strangely not easy to find videos for us citizens who are non-residents
Yeah. There isn’t anything non-residents can do. We are SoL.
I highly recommend getting consultation by IRS Medic. I have been living abroad for 17 years and taxes have been and then the FBAR were a constant stress. After getting consultation about my situation it alleviated a lot of the stress.
I have to say that if you have a child abroad with a non-US citizen and don’t plan on moving back to the US, it might be a good idea to not get them a passport and SSN. You might end up deciding to rescind their citizenship and pay a couple of grand in the process (after they turn 18).
This is exactly why I'm thinking of not getting a SSN for my kids. Sad really because I'd like for them to be citizens, but the long-term cost and stress is too much.
yeah, my son will NOT be getting his U.S. citizenship...it's extortion via birth...I am strongly considering renouncing my citizenship...but they raised the amount which is beyond what I can afford.
No taxation without representation? Talk about hypocrisy
They told me I need to wait 5-7 business days after they send my FATCA questionnarie to the u.s.!!! WTF is this shit? They said the u.s. needs to approve the opening of my savings account here in Ukraine
.
Ilve lived outside of the Police State for 14 years, and banked in half a dozen jurisdictions. The personal banker said this is a new part of FATCA for 2020.
.
Anyone else encounter this yet? I hope this banker was wrong. I dont need another reason to hate my country even more
I haven’t experienced it personally but I have heard of similar issues in Japan. Some smaller banks won’t even take US citizens.
I completed my taxes as a retired expat on Turbo tax. I don't see any difference from my taxes last year. Is there anything that has to be filed in addition to what I always file? It looks exactly the same.
If you are expecting it to go down, I think you need have “earned income” and state that on form 2555. Note there are no exemptions on passive income. Also, you may need to pay additional tax in your new country. I’m not an accountant. Good luck.
Like the Treasury idea!
2020Us immigration
What should they do? They should work with software developers and create API to automate a lot of the work that is currently manual and requires everyone to read too much stuff and waste too much time. Also they should not damage individual Americans abroad or small entrepreneurs abroad while trying to get back at large corporations that have been evading US taxes for so long
Not sure if one can renew the US passport without filing , so isn’t it better to file a zero tax return just to stay in the system ? For all they care you could be living off your savings. Also, would not filing make them block your social security income ?
Good advice. However I don’t think anyone under 50 living an average life abroad will get any SS money.
@@pb2325 - I meant SS money when the time comes at 62+ years . One of the medic videos suggested how will ever impose any penalty if you don’t file form 8938 or fbar.
I was thinking about becoming an expath next year. How do you structure a business in the USA if you plan on giving up citizenship someday.
You cant even spell expat... beat it!
US is the only country in the developed world to tax by citizenship regardless of where in the world you reside. Nobody likes to pay taxes and I’m no exception however, the panelists missed one big reality about US taxes. Congress is the one that passes tax laws and grants exemptions and by the way created the IRS. IRS then is charged to codify the law, collect taxes and enforce the tax law. When dealing with the government you are by definition in an adversarial relationship. So, that shouldn’t be a surprise. Government is looking to protect its assets and rights as much as we as individuals are. I’m no apologist for the IRS and hold my nose while I pay my taxes but the energy to change the tax law needs to be directed at the Congress.
Do you file US EXPAT return?
Really facinating. No social security number, no income, little money, some properity, .
Only problem is having a bank account. Accedental american
I’m stress free - I DO NOT FILE.
You know Johnny - the government makes it very difficult to come up with good reasons for certain expats to file. People legitimately have to choose between compliance and torching their wealth. And I am really supposed to get on a video and say "file or else?"
For some people, filing can be assured catastrophe, whereas the "else" is possible catastrophe. Their decision not to comply is actually quite logical.
The upside is we have Laura on this as well - she totally gets it and she's in the inside pushing hard for something that makes sense.
PS - love the new avatar pic. Your rear delts are popping!
IRS Medic If you have assets in the US you NEED to file. There is know way out of it. They will crush you into powder if you don’t.
I have been living in Switzerland for 17 years. After my third year I just freed my mind of the fear of filing. I am American, Italian and Swiss. Because I’m American all my bank accounts were canceled. although I did not think so at the time, It was a blessing in disguise. I told myself that this is the last fucking time some snot nose Swiss punk was going to effect my life in this manner and got to work.
It took some time but with a combination of medals, cash and crypto I’m completely free of banking and I can spend as I like, trade contracts on the CME. But most importantly the bone of contention with banking is over. Not depending on these institutions anymore is key to your Financial security at this point in history
Thanks for the comment on the rear dealts. they are a Stubborn little muscle. just like calves and you have to work on them at least every other day
Anthony, you keep forgetting about one punishment, the revocation of US passports.
Yes please!!!! Inform the US treasury. US tax attorneys telling the US treasury this would be great. Show them the statistics, show them the hardship, show them that the IRS is a victim.
I don't file when my income is less than 10k.
Let me say it!
If you are the full time resident and citizen of another nation with no connection to the US other than accident of birth then compliance with the US tax code is COMPLETELY OPTIONAL AND USUALLY COMPLELY STUPID!
This is an issue PRECISELY because of the appalling way the IRS treats those who DO comply! There is nothing fair or reasonable about the way the IRS treats US citizens abroad, the very reason most do not comply and why you will wait a year to renounce at one US embassy at least.
There is nothing the IRS can do to the full time resident and citizen of another nation with no US connections other that US citizenship, don't volunteer to be hurt.
Next time Invite a friend LOL
I wanna work with you dear .
This is CPA Faheem.
Thank you. Keep it up.
You can really tell that these guys are scared shitless of the IRS.