One woman's journey to renounce her US citizenship and move to Canada: Learn exactly how much it costs to renounce your citizenship, what the process entails, how long it takes, and what happens with paying taxes, collecting social security, and visiting the US in the future. Are you considering renouncing your citizenship? Why or why not? Join the conversation in the comments. Timestamps and resources below: ⬇️
00:00 Introduction: Why renounce? Pros & cons
01:32 Start of the interview (Vancouver, BC)
02:55 Difficulties of getting Canadian residency or citizenship
04:21 Finding a job in Canada
05:58 Will there be a Canada Remote Work Visa?
08:52 Why renounce your US citizenship?
11:59 Filing taxes and the FEIE
14:29 Renouncing without a 2nd citizenship
15:24 How hard is the process of renouncing?
17:06 Step by step process to renouncing
21:24 Timeline to renouncing
22:08 Flying to the US Embassy in Mexico
23:04 Documents required
25:15 Famous billionaires who renounced
26:26 Unexpected repercussions
27:33 Flying home and returning your US passport
29:45 Cost and Exit Tax
32:12 Experience renouncing from Mexico
39:45 How hard is it to renounce?
40:29 Disagreement with US values and policies
43:43 Expats voting overseas
45:29 Reaction of family and friends
48:18 Collecting social security
50:33 Visiting the US in the future
51:13 Second passports and Golden Visas
51:51 Any regrets?
53:35 Advice for others
55:51 Travel plans
57:18 More living abroad interviews (how to listen)
► Headed overseas? 🌍 Check out my favorite:
↳ Travel Medical Insurance: http://bit.ly/SafetyWingIns
↳ Global Health Insurance: https://bit.ly/RemoteHealthIns
↳ Online Bank Account: http://bit.ly/transferwisebank
Listen to the podcast version of this video: https://www.badassdigitalnomads.com/how-to-renounce-your-us-citizenship-part-2-youtube-drama/
Community Post (regarding this specific video): https://www.youtube.com/post/Ugx-V3elm6BgbbbezeN4AaABCQ
★ Related Videos
↳ How expats feel about the US tax system, renouncing, and voting abroad https://youtu.be/ckQkoS0xBsc
↳ Living Abroad in Bangkok, Thailand: https://youtu.be/JmGP1_Vn3cc
↳ Iceland Remote Work Visa https://youtu.be/OM6U2EpTOmQ
↳ Estonia Digital Nomad Visa https://youtu.be/z0hUBpzk4Ds
↳ Croatia Digital Nomad Visa https://youtu.be/0FebJn32prI
↳ Nomad Capitalist: Why and How I Renounced US Citizenship: https://youtu.be/UYjooV1eadw
↳ Nomad Capitalist: Pros & Cons of Renouncing US Citizenship: https://youtu.be/8I7vOJ6d9xk
↳ Evan Edinger: Would I Ever Renounce My US Citizenship? https://youtu.be/Hjo7quY0NZk
★ Related Podcasts:
↳ Renouncing Your US citizenship Part 1: https://www.badassdigitalnomads.com/renouncing-your-us-citizenship-part-1-living-abroad-in-canada-with-erika-lind/
↳ The Shocking Truth About How US Expats Vote (and Why They DON'T) https://www.badassdigitalnomads.com/the-shocking-truth-about-how-us-expats-vote/
↳ Meditating in British Columbia, Canada: https://www.badassdigitalnomads.com/insights-from-meditating-for-100-hours-in-10-days/
↳ Tulum Digital Nomad Lifestyle: https://www.badassdigitalnomads.com/tulum-mexico-digital-nomad-lifestyle-does-it-live-up-to-the-hype/
★ Additional Resources on Renouncing US Citizenship:
↳ IRS Expatriation Tax https://www.irs.gov/individuals/international-taxpayers/expatriation-tax
↳ IRS Renouncing US citizenship https://www.irs.gov/individuals/international-taxpayers/relief-procedures-for-certain-former-citizens
↳ Nomad Capitalist on renouncing citizenship: https://nomadcapitalist.com/2016/10/30/lose-government-benefits-renounce-citizenship/
↳ Retaining social security benefits after renouncing https://www.greenbacktaxservices.com/blog/article-renouncing-and-retiring-with-ease/
👱🏻♀️ About: Kristin Wilson is a digital nomad, online entrepreneur, and expat relocation consultant who has lived, worked, or traveled in 60 countries over the last 15+ years.
Kristin is also a writer, public speaker, podcaster, and travel host who has been featured on The Today Show, HGTV's House Hunters International, Huffpost, Bloomberg Businessweek, The New York Times, Business Insider, ESPN, and more.
❤️ Subscribe to Traveling with Kristin: http://bit.ly/TravelwithKristin
🎧 Subscribe to Badass Digital Nomads Podcast: https://www.badassdigitalnomads.com/
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NOTE: This video is for informational and entertainment purposes only and does not constitute any kind of consulting, legal, or tax advice. Please consult a licensed professional with any and all questions about renouncing your US citizenship and filing or paying taxes abroad. Video descriptions may include affiliate links for products we use and recommend.
#renouncing #uscitizenship #livingabroad