EXPAT TAXES As An American Abroad | Madeira Portugal |

[@ItllBeFun]

Bom dia! We want to meet you! If you want to meet others on your journey to live abroad. Join us on Patreon. We have a 'It'll Be Fun Monthly Online Meet up Crew' level and every level currently has access to our new 'Itllbefun Discord server' to talk in real time with a private group of like minded people. Click the link www.patreon.com/itllbefun

[@ItllBeFun]

Bom dia Everyone! Death and taxes!!!!! If you are new to our channel we hope you like it. Please subscribe! Just click on the Blue VW Bug in the lower right hand corner to subscribe. Help us get to 50,000 subs. Old people unite!

[@seinfeldcostanza9433]

Old people and hey.... Early retirees unite...! 😊 Hi Alan, great info about taxes. Will probably look for your US expat tax guy since we are "neighbors" here in the US. Thank you.

[@yogisurfrunner1925]

Oh man - I just watched 5 vids on Portuguese tax schemes then clicked on this w your smooth styling voice….Thank You!! Phew I needed this = )

[@ItllBeFun]

Ola YogiSurfRunner, Thanks for watching and supporting our channel 😀. Glad you like it. Obrigado Alan, Leslie and Wolf

[@honeybeejourney]

Appreciate your taking the time to go over this.

[@ItllBeFun]

Ola HoneyBee Journey Thanks for your support. We had so many questions regarding this that we thought we would give it a shot. Have a wonderful day Leslie and Alan

[@BaBaYaga1999-p7u]

The turtle tattoo is dope, brother! Looks good, and makes you look younger.

[@ItllBeFun]

Olá Heron, Thanks for the continued support for our channel. And for your kind words. Leslie says you may want to have your eyes checked! 😄 But I say thanks. Obrigado Alan and Leslie

[@cleaningtime8156]

Thanks Alan for taking us with you on that beautiful Journey.

[@ItllBeFun]

Olá Cleaning Time, Thanks for the continued support for our channel 🙌 Obrigado Alan and Leslie

[@TonyRodrigues63]

Olá! right at the begining of the video, Arco de Sâo Jorge, that's where my late dad as born, my late mum as born in Ponta do Sol, we, "kids" were all born and bread in Funchal.

[@ItllBeFun]

Olá Tony, Thanks for supporting and watching our channel 😀 And for sharing your family stories. Obrigado Alan and Leslie

[@Nulife23]

Clear as mud for sure! Thanks and enjoy your week ahead...

[@ItllBeFun]

Olá Jeanne, Thanks for the continued support for our channel. You as well. Obrigado Alan and Leslie

[@jennifers6435]

The beautiful video softens the blow❤️

[@ItllBeFun]

Olá Jennifer, Thanks for watching and supporting our channel 😀 Obrigado Alan and Leslie

[@John_McFadden]

Hi Alan. When you said ..."filing taxes" and "It'll be Fun"... almost in the same breath, I immediately thought whatever it is you've been drinking, I want some of it! A very important topic indeed but my attention soon drifted to the beautiful scenery along the Levada Do Rei which we completed during our visit in March. Have a great week! Cheers.

[@ItllBeFun]

Olá John, I swear, I was sober 🤔 When I recorded it. I'll have to listen to it again! Yes, an awesome walk indeed. Obrigado Alan

[@spiritjourney7150]

You are classy in your video. I am investigating moving to Madeira in March 2023. Concern about the taxes and if I would have enough to live on as a retiree. Wish me luck and best wishes to you and your family.

[@ItllBeFun]

Ola SpiritJourney, Good luck on your journey! We appreciate you joining us on ours. Have a wonderful day Leslie and Alan

[@ItllBeFun]

Bom dia! New and Improved! Join our Patreon community! Click the link www.patreon.com/itllbefun As always we would like to thank you for watching and for being our subscribers. Each and every one of you mean the world to us! And if you are not already, we invite you to subscribe and become part of our KZbin community. We would love for you to join us on our journey! Enjoy your journey, Alan and Leslie

[@danthechauffeur1323]

Hi Alan and Leslie, I hope you and your family are well. The Lavada walk looks beautiful, fantastic views. Are you sure the mountain views are real trees and not broccoli??😊 Finally flying to Funchal today for our two week holiday on the island that is one of my favourite places on earth. Wishing you all good health and happiness. 👍🏿👍🏿👍🏿

[@ItllBeFun]

Olá Dan, Nope, they are really trees 🌳 Wait till you see the beauty in person. Hey, give us a shout. We'll meet up for a coffee or something. Our e-mail is in the video description. Obrigado Alan and Leslie

[@JP7onEarth]

My new favorite Term: FBar

[@ItllBeFun]

Ola JP Hey! It is a good one! Enjoy your journey Leslie and Alan

[@lauras8674]

Thank you so much for this valuable information!

[@ItllBeFun]

Bom dia Laura S Thanks for watching and supporting. We hope this gets you started thinking about taxes as you plan your journey. Have a wonderful day Leslie and Alan

[@lauras8674]

@@ItllBeFun Thank you for your reply! Glad to get feedback before your channel gets too big!

[@gardeningwithleslieandalan1544]

@@lauras8674 Wouldn't that be a fun problem to have!😀

[@thinkingmammal8517]

Great landscape, beautiful walk. Mr. "Bom dia"

[@ItllBeFun]

Olá thinking mammal, Thanks 😊 for the continued support for our channel. Bom Dia!! 😃 Alan

[@anamaria2053]

Alan, You explained it clearly and slowly, yet it’s complicated. Of course, as a retiree relying on SS, pension, savings and rental income, it’s more complicated. I think accessing a qualified accountant to provide an estimate and overview of tax liability before taking the leap is useful. Also, some may want to consider establishing state residence in another state from their own for tax purposes, as many full-time RVers in the US have done. BTW the music came across as foreboding. Oooooo….

[@ItllBeFun]

Ola Ana Maria, Nice to hear from you. Great advise. Thanks for adding. Enjoy your journey Leslie and Alan

[@Blestmama7]

Howdy 🤠! Thanks for explaining taxes so simply and clearly!

[@ItllBeFun]

Olá Liz, Thanks for supporting and watching our channel 😀 I clearly didn't think it was simple! Haha 😄 Keep watching. More to come. Obrigado Alan and Leslie

[@Blestmama7]

@@ItllBeFun 😀😀😀

[@joelmarcott3282]

My planned income would be my spouses working income, a State Pension, a Passive Income house rental and eventually, Social Security. Sounds like my taxes would get very "Interesting". Hopefully in the US and Portugal some deductions can be put in place. Yes, definitely have to have the tax pros work their magic!

[@ItllBeFun]

Ola Joel, Thanks for supporting our channel. Definitely would help clarify things. Have a wonderful day Leslie and Alan

[@Mr.S65]

Simple pensions from city, government(federal), SS Benefits are taxed in the US, are these taxed 10% flat in Portugal too?

[@ItllBeFun]

Ola Mr. S, Thanks for watching and your continued support. Taxes are no fun. It is best to speak with both a US Expat tax attorney and a Portuguese one so you can understand your situation. The basics are you can apply for the NHR resheme in Portugal once you are a resident. This is a ten year program and then you are on the regular program. As for US taxes under about 115k (which changes each year) you can get a tax break so you are not double taxed. Hope this helps!

[@admindesk2760]

Hi Alan and Leslie! Many thoughtful and knowledgeable comments here. My only contribution is as follows: An American Expat should go the steps of becoming a resident in a state that does not tax Social Security and pensions or Capital Gains. And that state would be ones landing base before traveling off into the US to visit friends and family. FLA is just one of the 7 options. To continue to give money every year to IL or NY or any other state so they can utterly squander it is a tragic waste of resources. Also, Foreign Earned Income would be income earned overseas.... such as operating a media company in Portugal. The first $112,000 can be free from the US tax authorities seizing tens of thousands of it for having done absolutely nothing to earn their cut. Lastly, I think if the overseas move has been successful, I might be inclined to Renounce. This can be an emotionally charged issue, and shocked that the US State Dept. isn't going to throw itself at my feet and sobbing uncontrollably as they beg me to stay. Heck, the truth is, no one in government will miss me for a second. Naïve to think they'd care for anything more than all the money they'll miss out on. OH my, that sounds bitter and cynical -- much like my first divorce. I've said too much.

[@ItllBeFun]

Olá Admin Desk, Yes, we should have done the move After moving to one of those states. Now, we'll have to appeal and hope for the best. Not on board with renouncing, though. It may be an option for some people. Obrigado Alan and Leslie

[@suebowman7258]

Thank you. Great video! Great camera person!

[@ItllBeFun]

Olá Sue, Thanks for supporting and watching our channel. And for your kind words. Obrigado Alan and Leslie

[@leonewest2239]

The good thing currently, is that one can acquire duel citizenship in America and Portugal. Have not found info if an American citizen can continue to get SS with a duel citizenship. Alan do you have information regarding this question- such as a internet site etc to suggest researching ? LMW . BTW : I have self taught myself Portuguese My husbands great grand parents spoke Portuguese and he understands a lot, but is not conversant, he would not have a problem learning to speak it because he is fluent in Spanish ( because of his past employment). We are now retired. Thanks 🙏

[@ItllBeFun]

Olá Leone, Thanks for the continued support for our channel. To.our knowledge continuing to collect your SS is not an issue. We are jealous that português runs in the family. We recommend you contact an immagration attorney regarding this. We have a trusted vendor list available. Click the link below for more information. www.patreon.com/itllbefun Hope the helps. Obrigado Alan and Leslie

[@madeirauntold]

A very helpful video for Expats!

[@ItllBeFun]

Olá Bee's, Thanks for the continued support for our channel 🙌 And for" Beeing" you! Obrigado Alan and Leslie

[@topgun4499]

Hey guys another awesome video, question do you fly into funchal airport from the U.S. for madeira island Thanks

[@ItllBeFun]

Olá Topgun, Thanks for the continued support for our channel. There is one airline that occasionally has a direct fight to JFK. But for the most part, no. Obrigado Alan and Leslie

[@topgun4499]

What I asked is which airport in Madeira you fly into from U.S is it funchal or a different one not in U.S Thanks

[@ItllBeFun]

Olá Topgun, Yes, we fly into Cristiano Ronaldo International Airport in Madeira. Sorry, I was confused . Alan

[@tonykraft2649]

Hi, I am an American who also moved to Funchal about a year ago with my wife. We would be interested in meeting you.

[@ItllBeFun]

Olá Tony, Thanks for supporting and watching our channel 😀. Send us an e-mail. Our e-mail address is in the video description. Obrigado Alan and Leslie

[@BDRichmondify]

Did you ever consider establishing residency in a U.S. state that does not have a state income tax before moving to Portugal?

[@ItllBeFun]

Olá BDRichmondify, Thanks for watching and supporting our channel. Yes, we did. We can appeal after some time to change. Obrigado Alan and Leslie

[@Roman.Skoupil-Discovering]

Nice levada 👍🦋

[@ItllBeFun]

Olá Virtual, Thanks for the continued support for our channel. It is a great walk. Obrigado Alan and Leslie

[@ilmanaviasi]

Nice vlog bro salom from indonesia

[@ItllBeFun]

Ola ilman aviasi Thanks for watching!!!! Have a wonderful day

[@freeriderhappy]

If one decides to give up US citizenship, would they still be able to get retirement they earned in USA?

[@ItllBeFun]

Olá Tatyana, Thanks for the continued support for our channel. We will not be giving up our U.S.citizenship. That would eliminate our Social security, and our ability to return the the 🇺🇸. Obrigado Alan and Leslie

[@slanwar]

If you get the Portuguese citizenship after 5 years I believe, then open a bank account as Portuguese and IRS will not know what you have in that account. The Portuguese living in US if they have proprieties or even money left from their parents they leave there in the banks so they will not pay taxes here. In Portugal is no “death tax” and the estate belongs automatically to the kids equally.

[@BrockMcLellan]

The Americans I know here in Norway, all dutifully report their financial dispositions annually to the IRS. Similarly, while I have no obligation to report information to Canada (yes, I hold dual Canadian/ Norwegian citizenship), I am obliged to report detailed information on all of my financial affairs throughout the world, including balances in my Canadian bank accounts, to Norway, which I do annually. Even though there is no "death tax", I am obliged to list what I have inherited.

[@ItllBeFun]

Olá Luis, Thanks for watching and supporting our channel. If we do get Portuguese citizenship, we will not relinquish our U.S. citizenship. We will continue to pay the taxes, as I continue to draw my Social security. Obrigado Alan and Leslie

[@offgridwanabe]

I always wondered why people who leave USA to live somewhere else kept their citizenship now I know so they can pay tax lol.

[@ItllBeFun]

Ola Offgrid wanabe, Thanks for watching and supporting our channel. Obrigado Alan and Leslie

[@michaelwalker6262]

Love this program,always very informative but that tattoo was the last thing I expected to see.It takes all sorts but not for me Alan.

[@ItllBeFun]

Olá Michael, Thanks for watching and supporting our channel. Obrigado Alan and Leslie

[@anoopkc4034]

🎠 beautiful lovely wonderful ...MADERIEA PURTUGAL ... wish to visit for natural beauty... anoopkumar arora

[@ItllBeFun]

Ola Anoop KC Thanks for watching! It is a great place it visit! Have a wonderful day Alan and Leslie