061: A CPA’s Guide to Renouncing US Citizenship – Olivier Wagner
In this episode of The Expat Money Show, we interview Oliver Wagner to talk about a very controversial subject. That is, how to renounce US citizenship.
WHAT WE DISCUSSED IN THIS INTERVIEW:
- Not for 99% of the population, but valuable for a specific audience
- Lack of reliable information for Americans wanting to renounce citizenship
- Reasons why some people choose to renounce citizenship
- Americans are taxed on worldwide income, leading to significant annual taxes
- Interview is a dense Masterclass by a CPA specializing in renouncing citizenship
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CONCLUSION
Renouncing your US Citizenship is a deeply personal decision and you should never allow anyone to influence you one way or another if it is right for you. My goal with this interview with Olivier Wagner is to really paint a clear picture of all the pros and cons of renouncing US citizenship so you have a much clearer picture of how to renounce US citizenship and if it is the right decision for you.
About The Host, Mikkel Thorup
Mikkel Thorup; the host of The Expat Money Show, has 20+ years in continual travel around the world, visiting more than 100 countries including Colombia, North Korea, Zimbabwe and Iran.
His goal now is to help Expats just like you to generate additional streams of income, eliminate your tax bill, and take advantage of offshore structures so you can travel the world freely and never have to worry about money again.
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Mikkel, thank you for all of your assistance and advice to all who will listen. I am fortunate to have access to the wealth of info you so willingly provide! Again, THANK YOU!!
If anyone else, like me, had a hard time understanding Olivier’s thick french accent, here’s what was said around the 27-minute mark about the two ways to avoid US taxation:
1. Foreign tax credit. You get a dollar-for-dollar credit of taxes paid to a foreign country.
2. Foreign Earned Income Exclusion, with which you can exclude earned income, either wages or self-employment income, earned in a foreign country. For this, you need to meet one of two tests: 1. The bona fide resident test. You need to be a tax resident of that country as well as having additional ties, i.e. spending 6 months there, speaking the language, having a driver’s license, etc. The second test is the physical presence test, which is much more objective. You need to spend 230 days in a 12-month period in a foreign country.