The U.S. now has the ability to not only take away your passport but also to refuse to issue you a new one if you owe the IRS over $50,000. They are following in the footsteps of other Western countries like Australia. People who believe hide-and-seek is the way to go when it comes to their tax plan will soon be finding out that it’s going to be harder and harder to do. The reality is, the government will find you, eventually, and as more information sharing plans get put into place, it will be nearly impossible to get away with being shady. Also, don’t miss it! Andrew has a big announcement to make towards the end.
Key Takeaways:
Andrew’s Editorial:
[3:45] This year’s theme is commitment. What does that look like for Andrew?
[7:55] If we want to be successful with our plans, we have to be committed.
[8:55] Andrew thinks it’s time to settle down. His priorities are changing.
[10:35] The U.S. now has the ability to take your passport and refuse to issue you a new one if you have a tax debt of over $50,000 to the IRS.
[11:10] This means the IRS will be needing to talk to the Secretary of State.
[12:40] Not paying tax and the mentality of ‘they can’t get me’ is going to catch up to certain people.
[14:20] What do these new changes mean for U.S. citizens?
[15:30] The government will find you, eventually. And with information sharing between branches, that reality is becoming truer than ever.
[21:05] If you’re a U.S. citizen and are overseas, your strategy has changed.
[22:35] When it comes to taxes, the playing field has become leveled for all nationalities. You need a home base because the govt. and banks aren’t recognizing ‘floating around’ anymore.
[26:00] There is no room left for error anymore.
[28:40] What is Andrew focused on for this year?
[32:15] Which country will be the next U.S. and which country will take a more aggressive approach on taxes?
[35:55] Andrew believes fewer and fewer nomads will be taking the EU seriously. Andrew personally doesn’t see the appeal of holding an EU residency or citizenship.
[38:45] Andrew has an important announcement to make. You don’t want to miss this!
[49:55] Andrew is 100% committed to doing less this year. Thank you so much for listening!
Mentioned in This Episode:
Email: Andrew@NomadCapitalist.com
Email: Hola@NomadCapitalist.com