I was born in the US as a US citizen, had a passport all my life but lived and worked overseas entirely until my early 50s, never filed a US tax return. When we wanted to move to the US so my kids could have the choice of US citizenship I had none of the requirements to support the immigration of my foreign citizen wife and foreign born but citizenship eligible kids, including no “domicile” or SSN. The consulate where I was told me to get an SSN, file a tax return for a couple of years, get a street address post box where we planned to live for domicile and it would be OK. Immigration went so quickly we were caught short with no questions whatsoever about my tax record so I wonder how tightly the citizen tax rules are enforced.
@@DaveDave-e4t It's a burden on them when they return to live in a foreign country. US citizenship makes banking, investments, and business mostly impossible and then add the high cost and stress of filing while overseas and the additional taxation... You're not doing them any favors.
Love your content, thanks so much for your videos! 🙏🏼 Germany has opened up the option for dual citizenship again - do you think there's much point in getting a second European passport (Irish) if one has the option - or would it not be worth the hassle, seeing they're both pretty much equal when it comes to accessing other countries visa free?
I would like to hear about Estonia's simplified tax system, if you would be inclined to make a vid about it. I'm sure others would appreciate it also. Thank-you.
Can you please do more videos on Caribbean relocation? Like to Trinidad, Jamaica, Barbados, Guyana etc… Love the info would just like to learn about other places. Thank you 🙏🏽
You acquire the citizenship of five countries and most of which are tax-free? And tax rates combined might be lower than income tax levied by the US 😂.
@@FeralineHydor true but you don't need citizenship to be taxed in Japan. You only need to be a resident 5 or more years. You will be taxed exactly like a citizen. Maybe we are speaking on 2 different perspectives.
@@raphaelglobalexcept for treasury interpretation, I’ve seen no where in the irc where a citizen of the United States is actually taxed WITHOUT first declaring oneself a resident of the United States by submitting to various tests which really only apply to an alien (non American citizen).
In Finland we have the taxes mostly automated so that you'll just get a pre-filled tax filing that you can view online (if you even want to, not mandatory) and only if something is not right or you want to add something, then it can be done online and sent to the tax office. Now most of the tax types are handled like this. Inheritance tax is one of the last tax types which is done manually, however that should be also automated in the next few years so that you'll again just get a pre-filled inheritance tax filing and that's all, no actions necessary.
We did: ru-vid.com/video/%D0%B2%D0%B8%D0%B4%D0%B5%D0%BE-d2kLQ-sWrNc.html It's always best to get personalized advice rather than rely on RU-vid, so feel free to get in touch: www.nomadcapitalist.com/apply/
Why didn’t you talk about tax treaties some countries can have with other countries? You have in the past with some of your videos so I was confused why you didn’t mention this. Whether the person is American or not, there can still be tax treaties between the countries that prevent a person from double taxation.
I'm applying for a new job with plenty of potential for upside movement. The problem is that it requires my first clearance level. Have you ever worked with anyone with a clearance, and in your experience, where is the line? I haven't found out what kind of clearance I will need, but it appears to be a "sf85"
If you were a resident in Australia and a US citizen, would you receive a refund from the irs if you paid more tax in Australia than would have been due in the the US!
@@kubakielbasa5987 If you pay more and file a return saying that you owe less, they give you a refund. It's very common for people to overpay and get money back when they file
How about this situation Andrew- US citizen, living permanently in Colombia soon. I have a Colombian AirBnB- should I receive my income from AirBnB sent to US account or my Colombian, based upon best tax scenario. Thank you ☺️
So if you're a panama tax resident could you spend 2months in 6 other countries and still maintain panama tax residency? Since you didn't stay anywhere else over 180 days. Or do you need to stay in Panama a certain amount of time per year?
@@fabianshaw_ You don't need to by law. But it's better to be a tax resident of a tax friendly country if you ever plan to stay in high tax countries in future
@@rithondhar8171 As in my ORIGINAL POST... I am a panama tax resident. I'm wondering if I have to stay here 6 months a year to maintain it though or if I can travel full-time as long as I don't trigger tax residency elsewhere.
There will always be Countries who want to be tax competitive and will offer zero tax. You can also follow the trifecta method and never establish tax residency.
Taxes? Are you Congress? Or did Congress ask for you to pay? What did you pay with? Please do not say a dollar, while holding a FEDERAL RESERVE NOTE (FRN). Important questions to ask.
There are some people, who get massive value out of being a US citizen, while they are not there. One of them is named Jessica Buchanan. But I'm also glad to not be a US person.
@@irvingflores4137Yep, that one. I also think she lives in the US. But I think they would have done it for any US citizen, IF there is political publicity for them in it. I just wanted to suggest that you CAN get value out of that citizenship, so you get something back while paying tons of taxes. But that's such a rare case. I sure won't touch their tax system with a ten foot pole.
Paying taxes, monthly concierge wage, maintenance fees are important to pursue your ownership of apartments, otherwise the managers of those apts you own can be sold and you will loose your ownership easily because you are not even their citizen, just resident.
At Nomad Capitalist, adhering to legal standards is a core value for us. We believe in being the best at what we do while staying within legal boundaries.
Did you just roll out of bed and stumble on this channel to ask such an asinine question that if you were a regular follower your answer would have already been answered?
