How to Renounce US Citizenship in 3 Easy Steps

Why and How I renounced my US citizenship ▶ https://youtu.be/tqF_3-aEYFY

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Summary of this video:

Wealthy Expat discusses the process of renouncing US citizenship. He explains that individuals who want to renounce their citizenship need to find an embassy or consulate that allows renunciations within a reasonable amount of time. He suggests considering other citizenships one may have and checking if those countries allow renunciations. Wealthy Expat shares his personal experience of renouncing his citizenship in Armenia and recommends it as a straightforward process with minimal waiting time. He advises individuals to be prepared to answer questions from embassy officials and to be firm in their decision to renounce.

Wealthy Expat also mentions the importance of obtaining a certificate of loss of nationality, which is necessary for various purposes such as opening a bank account or applying for citizenship in a new country. He provides a list of other countries where renunciations can be done relatively easily. Wealthy Expat also discusses the tax implications of renouncing US citizenship, including the possibility of an exit tax for individuals with a net worth over $2 million. He recommends consulting with a US tax expert to understand the tax obligations and minimize them if possible. He emphasizes the importance of not being a "covered expatriate" to avoid potential issues with re-entry into the United States. He also mentions that individuals who renounce their citizenship still need to file taxes for the year until their renunciation.

DISCLAIMER: This video is not tax and/or financial advice. Any information or advice I give is purely based on my own experience and research. I am not a tax professional and/or lawyer and/or accountant so I am not liable for any steps you take to lower your taxes. I'm not a financial advisor nor do I pretend to be. Always do your own research.

Видео How to Renounce US Citizenship in 3 Easy Steps канала Wealthy Expat