The Death of the Tax Fairness for Americans Abroad Act
Dateline: Bogota, Colombia The United States is well known as effectively being the only country in the world to follow its citizens wherever they go and not only tax them but impose income-generating regulations no matter where they live in the world—even if you...
What is GILTI Tax and How Can You Reduce It?
Dateline: Bogota, Colombia Tax reform in the United States is a dangerous business. Before the highly anticipated “Trump Tax Reform” was finalized in 2017, there was talk of abandoning citizenship-based taxation and adopting the same residence-based system of taxation...
7 Tax-Friendly Countries for High-Net-Worth Expats
Dateline: Kuala Lumpur, Malaysia Here at Nomad Capitalist, we often talk about my five magic words: “go where you’re treated best.” You can take your life, your money, your investments, your business, and even your citizenship to the places where...
Form 3520: US Taxes on Gifts and Inheritances
You’ve probably heard the expression that the only two things certain in life are Death and Taxes. The United States’ Internal Revenue Service (the IRS) works very hard at making the second item in that short list true, especially for expats and US foreign...
Offshore Life Insurance: the Last “Tax Shelter” for US Citizens
Dateline: Kuala Lumpur, Malaysia When it comes to taxes, US citizens get a raw deal. Not only do they have to pay tax on their worldwide income, but they have to pay it regardless of whether or not they actually live there. Aside from a bit of foreign earned income...
Form 8833: How to Claim Income Tax Treaty Benefits
FSay you’re a six- or seven-figure US-based entrepreneur who’s recently brought their business abroad. You find yourself traveling weeks at a time to tend to those businesses, and in the past couple of years, you’ve traveled so many days that you’ve ended...
The Tax Consequences of Renouncing US Citizenship
Dateline: Tbilisi, Georgia December 20, 2017. I was sitting in my living room in Tbilisi, talking with my CFO, and making a number of calculations. What was I doing? I was preparing for the next day when I would go to the US Embassy to renounce my US citizenship. Why...
Non-US Spouse: Tax Strategies for US Expats Married to Non-US Citizens
Dateline: Kuala Lumpur, Malaysia For most people who meet the love of their life overseas, taxes are probably the last thing on their mind. But Nomad Capitalists are not most people. You already know that taxes for expats are complicated enough as they are, but US...
How to prepare for taxes under a Bernie Sanders presidency
Dateline: Tbilisi, Georgia Twelve years ago when the war in Iraq was just getting underway and Republicans were dodging accusations that it was a “war for oil”, I cynically suggested that if gasoline prices were to become high enough, the American body...
How a tax-free island broke an ancient curse and found prosperity
Dateline: Langkawi, Malaysia In the fourteenth century, a young girl is said to have moved to Langkawi Island with her parents, in search of greater economic prosperity and a better life. The girl’s name was Mahsuri, and as she got older, she turned out to be a...