Crypto Tips Experiences With Renouncing US Citizenship

[Hydrogen]

https://www.youtube.com/watch?v=FpFVNZMC2Ns

Crypto Tips: How and Why I Renounced My U.S. Citizenship


Excellent info on renouncing US citizenship.

He says it costed $200,000 for he and his wife to acquire citizenship in the caribbean. He paid $2,350 to permanently renounce US citizenship and was required 2 interviews where they informed him of the conditions of renouncing citizenship, then confirmed he made the choice of sound mind and body without being coerced into the move.

A part of the move, he says was due to the united states having severe limitations and restrictions on cryptocurrency finance. Perhaps an indication of how negative regulation on crypto on the part of china and the US will contribute heavily towards capital flight outside their borders in the future. (Hence the Biden administration's proposal for global tax rates)

This is some of the best content I've ever seen published by anyone in the crypto sphere. Well worth watching imo.

[paxmao]

I guess that he was lying... he surely was coerced by the tax system, the shambolic politics, the questionable level of freedom, the intrusion by the state and most private companies in his privacy, the questionable safety the only-for-rich justice system and possible for his in-laws living nearby.

Anyway, the guy must have taken that decision thinking mostly on taxes and regulations, not just bitcoin, but many other that have become an intricate labyrinth that allows the ultra-rich to not pay and send to prison the semi-rich who dare to take some risks on the interpretation of the colossal library of regulations. 

[dkbit98]

United States are looking more and more like China or Soviet Union so no wonder more people are escaping, and I recently heard that cheapest new citizenship is from Paraguay, South America, there are low or no taxes on Bitcoin, and I heard that lot of people are moving to Nicaragua and purchasing land there.
We also have an example of Roger Ver who renounced his US citizenship in 2014, after serving ten months jail time and I think he now has passport of Saint Kitts and Nevis, from Caribbean.
When doing something like this it is very important to look for Bitcoin, crypto and tax regulations.

[tygeade]

I am not sure how true this story is. Did he really renounce his US citizenship just because of Bitcoin?
Or there are other reasons that might have led him to take an action like this? I believe that it is not just about Bitcoin, because you can’t just wake up and decide to renounce your citizenship because of that.

There are also other things that has caused him to take such a move. And with that said, I hope he made the right choice. As long as he feels that the decision he made was pure, then there is nothing wrong with it. Everyone is free to decide for themselves what they feel is right thing to do.

[Silberman]

I am not sure how true this story is. Did he really renounce his US citizenship just because of Bitcoin?
Or there are other reasons that might have led him to take an action like this? I believe that it is not just about Bitcoin, because you can’t just wake up and decide to renounce your citizenship because of that.

There are also other things that has caused him to take such a move. And with that said, I hope he made the right choice. As long as he feels that the decision he made was pure, then there is nothing wrong with it. Everyone is free to decide for themselves what they feel is right thing to do.

Financial reasons are one of the most popular if not the most popular reason why people renounce their US citizenship, the reason for this is simple you need to pay taxes to US government if you have a US citizenship regardless of where that income was generated, this is unlike most countries in which you only need to pay taxes on the income generated there so this is obvious an abuse and people renounce their citizenship all the time as in many countries they can pay very low or no taxes at all.

[Hydrogen]

I am not sure how true this story is. Did he really renounce his US citizenship just because of Bitcoin?
Or there are other reasons that might have led him to take an action like this?

It helps to know how restrictive US regulation is.

In some US states, its illegal to play fantasy sports like fanduel or draft kings. Americans are banned from crypto exchanges that allow trading on leverage. Banned from using the best sports gambling websites like pinnacle. Banned from buying or using stablecoins like tether. Banned from using crypto ETFs which are available in europe and elsewhere in the world.

Being an american citizen by default ties your hands and prevents you from using many of the tools, platforms and assets needed to make money. Then you get hit with high taxes that are only getting higher. And inflation that isn't going anywhere positive soon.

Its becoming common for americans in finance renounce US citizenship and move to puerto rico for its 4% income tax. Which could be part of the reason behind Biden's latest push for global tax initiatives.

Many wouldn't think twice about paying $200,000 to renounce US citizenship and acquire citizenship elsewhere. There are many doors that open, and new opportunities that can be had. By no longer being under crippling US taxes and regulation. I would imagine something similar is happening in china, with those seeking to escape crypto bans. There have been reports of chinese moving their crypto mining ops to other countries to escape the ban. It will be interesting to see what steps if any the US and china take to try to cut down on capital and business flight.