Hey guys, Sam from Henderson Nomad capitalist in Warsaw, Poland. I wanted to share with you five US tax myths that you may have heard. These are things that people come to me with, email us about, and it seems that there is a general misunderstanding about. I want to clear the record, and there will be more over time, but here are five of the big ones that I'm hearing lately as I'm talking to more folks who want to move their businesses overseas, one themselves overseas, or possibly want to renounce US citizenship. Number one is that you have to renounce US citizenship if you want to save on taxes. I've had a couple of people come to me recently and say, "You know, I hear that all these people are renouncing their citizenship because they're tired of paying taxes." Well, not only do I think that's untrue, I think there are some folks for whom they're not paying US taxes but they're renouncing because it's just a hassle to be a US citizen. But you don't have to renounce your citizenship, you can remain a US citizen, especially if you're an entrepreneur, if you're a business owner. The path to saving tax and potentially reducing your legal tax liability down to zero is rather good. Now, where you might want to consider the option of other citizenships and possible renunciation is if you're an employee, if you do certain kinds of one-man consulting stuff like that. But for most people, you don't have to give up your citizenship. There are ways to use the tax laws in your favor. Myth number two is that whether you renounce or whether you just go and live overseas and take advantage of the tax exemptions, that you can't keep any stuff in...
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Video instructions and help with filling out and completing Can Form 8854 Expat
