Do You Need to Give Up Your Citizenship in Order to Pay Less Tax?

[@patienceisalpha]

Everyone (minus Americans): Hey I moved abroad and stopped filing tax returns to my country of origin Americans: All roads lead to renunciation

[@dexterspeights3484]

Only if you are American with C.B.T: Citizenship Based Taxation - Even if you live on Elysium outer space and are a US Citizen - you have to file a TAX return every year or face draconian penalties from the IRS!

[@alexrappoport2911]

Great video as always,Mike . Would you do a video on countries that imposes some sort of an exit tax? Like some countries will impose a capital gains tax on assets before you leave/when you sell the asset etc

[@OffshoreCitizen]

Thanks, Alex! Have you seen this one kzbin.info/www/bejne/hajGloZonL2tsKs ?

[@dr.honorable141]

well the difference between naturalisation and CBI is that naturalisation gives you and tax residency but CBI (under purpose) does not. So automatically wanting it or not, you have 2 tax residencies one in the old country, one in the new...

[@asiachannels]

Thanks for the brief explanation 👍

[@OffshoreCitizen]

My pleasure! Anything you'd like to see next?

[@stevemyers2092]

NO. I am CDN I became a US resident and I saved 20% of my money by paying tax in the usa and NOT anything in Canada.

[@moeh3963]

you also gave up all your canadian services

[@robster7012]

Michael would you consider doing a comparison between Mexico and Portugal? I work online. Great channel 👍🏻

[@OffshoreCitizen]

Interesting idea! We'll see what we can do, stay tuned :)

[@UK-Property-Tax-Accountants]

I hear a lot of clients talking about giving up their citizenship, so sad. The US tax you on world wide income irrespective of where you live

[@mvp019]

That's because the USA is a rapacious oligarchy.

[@jewelmia9711]

Yes bro, I need..

[@ashvina8244]

CANADA vs UK which is better in your opinion.

[@stevemyers2092]

I would like to know also i have both Passports - CDN resident.

[@tinglestingles]

I don't need another passport or need to denounce but I must admit I'd like a St. Kitts & Nevis passport ever since I found out John Cleese has one and lives there. Is this like weird stalking?

[@Topknot60]

Denounce? Who do you want to denounce? Are you trapped in the former Soviet Union or Mao's China? Renunciation of citizenship on the other hand.....

[@robster7012]

🤣

[@YZhou-g5q]

he himself

[@tinglestingles]

@@Topknot60 yes of course!

[@tinglestingles]

@@Topknot60 actually the way I feel about my passport and government denounce might be the correct word thinking about it - Freudian slip?