Many people are confused about how exit tax works when you renounce your US citizenship.
It's a common misconception that, when you decide to renounce your US citizenship, exit tax is a small fee that you must pay, when the reality is very different.
Andrew answers some questions on why it's important to think about your exit tax on time, especially if you're heavily invested in cryptocurrency.
More on that topic in this video: https://www.youtube.com/watch?v=UMMya7MXxVg
Basically, on the day of your expatriation, the US government may impose a mark-to-market exit tax on all of your assets.
One day before you raise your right hand and swear an oath denoting you're no longer US citizen, you will be asked about your net worth to see whether or not you're "eligible" for exit tax.
To find out three ways to trigger exit tax and whether you are a covered expatriate, keep watching the video, and Andrew will you share with you everything you need to know.
What are your thoughts on the exit tax process? Let's keep the conversation going in the comments.
Subscribe to our channel for more info on tax reduction, second passports, offshore strategy and building a Nomad Capitalist lifestyle
ABOUT NOMAD CAPITALIST
Andrew Henderson travels to nearly 30 countries every year to stay up to date on the latest legal strategies for entrepreneurs and investors to pay less tax, grow their money faster, and build their personal freedom.
Andrew started Nomad Capitalist to help people like you follow his five magic words: "go where you're treated best". He has personally started foreign companies, opened offshore bank accounts, and obtained multiple second passports.
He also learned the hard way that perpetual information seeking is often the biggest barrier to getting the results you want. Many entrepreneurs spend months and even years constantly researching how to pay less in tax or live overseas, but are afraid to make the jump.
As a result, they get stuck and keep paying a fortune in taxes and never get the lifestyle they deserve.
Nomad Capitalist's Youtube channel is based on Andrew's vision that focusing on the end result, rather than the latest shiny object, is the best way to actually obtain the benefits of the Nomad Capitalist lifestyle.
About Andrew: http://www.nomadcapitalist.com/about/
Our website: http://www.nomadcapitalist.com
Our blog: http://www.nomadcapitalist.com/blog/
Work with Andrew: http://www.holanomad.com/