Thinking Of Leaving America? Here’s What It’ll Cost

by MOINSBD

The 9 million Americans who live outside of the U.S. all have one thing in common: they have to report their income to the U.S. and file taxes. Expatriates have to pay taxes to both the U.S. and the country they reside in. The U.S. and Eritrea are the only two countries that do this.
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Thinking Of Leaving America? Here’s What It’ll Cost | CNBC

42 comments

Scott Esstood February 19, 2021 - 4:17 PM

Who cares about the USA!?

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Blake Reeder February 19, 2021 - 5:19 PM

This is why when I move im renouncing my citizenship

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Ally Shearer February 22, 2021 - 1:10 AM

Flat tax rate in Russia 15% (13% below around $68k). 0% capital gain tax after 5 years

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-- February 23, 2021 - 9:10 AM

if i had the money to leave the usa i would just renounce my citizenship. boom. no taxes.

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Tommy Wieringo February 23, 2021 - 2:32 PM

I don't know why people want to live in other countries you have no rights you can't have guns to protect yourself and if you have a fight it is your fault even if it's not cause you are in their country I can live in America on 900.00 a month easy in an RV camper I pay 250.00 a month plus electric which is about 100.00 a month I get 1500.00 a month so everything's paid off so I live pretty good and I have my rights.

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Christopher Rodmell February 24, 2021 - 6:26 AM

What? If you were to completely destroy your American citizenship and move overseas such as to New Zealand, your not just paying taxes to New Zealand you still have to pay taxes to the USA? I could imagine if some countries are getting fed up with the American tax system from demanding taxes, and now banning the American tax system

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Unlimited Power February 25, 2021 - 7:22 AM

By the way, if you renounce your US citizen, you're income taxed all assets depending the tax bracket of your total assets.

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Josh Yates February 27, 2021 - 11:48 PM

How can they get your money if you're in a different country? It's just like a US credit score doesn't matter.

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Nesh Aminy March 3, 2021 - 2:10 PM

Just a guess but it might be true that 86.3% of patriots don't feel represented as well.

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Victor March 5, 2021 - 1:51 AM

Just make it where Americans only have to pay taxes abroad after some absurdly high amount like $500,000 in income. Poof problem solved and people can't use loopholes. That's the only reason I see for this, loopholes.

Honestly in my opinion Americans living abroad should only have to pay a small 2-5% tax for military and consulate services, that's it.

patriotism has nothing to do with this. huh?

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USA USA! March 15, 2021 - 7:28 PM

This is why America is so good that even the Haters won’t leave.

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Kinetic Games March 23, 2021 - 6:15 PM

Don't forget if you renounce your citizenship, you have to pay taxes on unrealized gains.

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Chase Sutherland March 31, 2021 - 1:19 PM

I had plans to move abroad but keep my citizenship but now I kinda want to renounce it

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cook master April 9, 2021 - 8:13 PM

wanted to clarify- The reporting of Income from foreign countries for US citizens is applicable whetehr you live in the US or abroad. FATCA and FBAR.

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cook master April 9, 2021 - 8:17 PM

if you renounce US Citizenship you lose Soc Security Benefits. You hv to go thru a filing of last 7 years or more of all incomes from outside US the local countrie's tax agencu certificate and untold amount of paper work. Now you withdraw your 401K youpay a hefty tax on it. just a complicated process. Best way withdraw all teh 401K money seell your property take all your money out and leave the country to some place where they cant touch you

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Johann April 16, 2021 - 7:41 PM

AMERICA!! Start thinking of a better way to keep your citizens.

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Patrick G May 6, 2021 - 10:17 PM

Taxation without representation, wasn't there a revolution about that??

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Tarkus May 8, 2021 - 11:44 PM

It's a good thing I have dual citizenship. 👍

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JUDALATION gamestrodamous May 9, 2021 - 1:20 PM

STILL MOVING… IRS can kiss my black ass!

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philam1973 May 20, 2021 - 4:40 AM

I retired 3 years ago. All my income is from the US. I have my taxman in the US. My reporting of cash in foreign banks is trivial. Interest in these banks are less than $10. I have NO PROBLEMS. My foreign move didn’t cost much more than moving across the US. I paid ZERO duties ( my wife is dual). Its only a problem if you earn money overseas.

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Armando Montillero May 29, 2021 - 4:47 AM

Wow.

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Coordinator May 31, 2021 - 3:30 AM

The only reason for me leaving is to get a break from a divide.

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𒆙 June 12, 2021 - 3:51 AM

Thankfully my father is irish. We can all get irish passports and rebound our U.S citizenship

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Robert Silva June 13, 2021 - 7:02 PM

My question is how can I pay taxes if they're not working if they have no money and they have no job how can they file taxes for example if some is homeless they have no money whatsoever how can they file taxes

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GC Durnin June 22, 2021 - 5:14 AM

Seniors living on SS?

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Demonetization Symbol June 24, 2021 - 3:45 PM

I want to move to Germany once I am able to, and I am also pro-EU so that will be good for me, I guess. But I am scared of this tax law.

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Eh, An old account July 1, 2021 - 5:19 AM

You can avoid all income tax, you only need to change your name to Amazon

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CringeO Music July 11, 2021 - 3:24 PM

free country but you have to pay to leave😅

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Chantelligence July 12, 2021 - 4:33 AM

America is so rigged.

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Ghostly Creations July 12, 2021 - 7:58 PM

This is not what I expected when I clicked this video. I had no idea America taxes citizens if they don't even live there.

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Tsiney Kinori July 14, 2021 - 10:22 AM

Taxing people living outside America? That is ridiculous!

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Tiffany Davis July 16, 2021 - 5:12 PM

Whoa, what???

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HILMI HAKIM August 9, 2021 - 9:10 PM

I'm on Instagram as @americantaxkuwait. Install the app to follow my photos and videos. https://www.instagram.com/invites/contact/?i=yqtoo5huteo9&utm_content=kv55r49

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Eli M. August 14, 2021 - 6:04 PM

I want to move to Spain or Italy, retire there and I'm willing to renounce to my citizenship. No way I'll be pay taxes on 2 countries for the rest of my life.

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Raid B0ss August 16, 2021 - 6:27 PM

Taking notes, cause I need to ge the hell out of here.

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Nathan Mcilveen August 24, 2021 - 2:01 PM

Immigrants you mean, no such thing as an expat !

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User Name August 27, 2021 - 2:41 AM

Yeah but No Double Taxation treaties means you won’t be taxed more than if you lived in the US in *both countries. It’s not that bad at all.

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Jeff Right August 30, 2021 - 8:36 AM

And now you are fasing your bigger enemy.disables.green card holders outside of USA.tursty for USA blood.somebody gotta pay in fold

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K SC August 31, 2021 - 2:18 PM

We dont want u and ur mess. Stay in American

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bigbyn8032 September 10, 2021 - 4:38 PM

This is one of many reasons why no one will care when america destroys itself.

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JXC1 September 11, 2021 - 8:28 PM

You’re telling me that if I go to Canada and kept my US citizenship, I’d still have to pay the US govt. and get nothing in return?

Sounds like an easy decision to me.

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HAZOXX September 11, 2021 - 10:10 PM

The US government is a stressful and complicated mess, it needs to be reformed

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