"My Tax Preparer Cost Me $40K!"

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Welcome to Nomad Capitalist

When you decide to move your business overseas, it would be a good idea to hire a tax preparer with international and offshore experience, since domestic tax preparers may not be so skilled and are possible to make mistakes which will cost you money because of their insufficient knowledge of the offshore affairs.

In this video, Andrew talks about the case of a person he used to help, why his domestic tax preparer cost him a lot of money and how you can avoid it.

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ABOUT NOMAD CAPITALIST

Andrew Henderson is the world’s most sought-after consultant on legal offshore tax reduction, investment immigration, and global citizenship. He works exclusively with six- and seven-figure entrepreneurs and investors who want to “go where they’re treated best”.

Work with Andrew: https://bit.ly/Nomad-Capitalist-Application

Andrew has spent the last 11 years studying and personally implementing the Nomad Capitalist lifestyle, and has started offshore companies, opened offshore bank accounts, obtained multiple second passports, and purchased real estate in a total of 20 countries.

He has also spent years creating a behavior-based system that helps people get the results they want faster and with less resistance. Andrew believes that everyone can use offshore strategies to keep more of their own money, live a life of freedom, and grow their wealth faster.

About Andrew: https://nomadcapitalist.com/about/andrew-henderson/
Our website: https://www.nomadcapitalist.com
Subscribe: https://www.youtube.com/subscription_center?add_user=nomadcapitalist
Buy Andrew’s book: https://amzn.to/2QKQqR0

DISCLAIMER: The information in this video should not be considered tax, financial, investment, or any kind of professional advice. Only a professional diagnosis of your specific situation can determine which strategies are appropriate for your needs. Nomad Capitalist can and does not provide advice unless/until engaged by you.

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JJ TheFish says:

Great topic. Would a viable business strategy be to buy small and medium internet businesses and offshore back office, marketing and technical and get a bonus off of tax reduction?

lot2 fly says:

As a person involved in and with a personal interest in international taxation topics (not looking for clients), I have some advice (not from a U.S. Citizen point of view, as they have their own additional problems).

1) it is essential you have a solid argument for your tax residence, even if you don't live in a country anymore. Otherwise a country can claim that country is your centre of interest and you are still liable for tax there. The less ties you have to a country you previously lived in, the better, ideally you will have no ties to the former country, but if you do have some, you should understand the level of risk and how to mitigate it.

2) you need to take some personal responsibility to understand the regulations and keep up to date, never put your reliance 100% on a professional

3) even if the best professional tells you something is permissible, the rules to capture nomads are changing at an alarming pace. Just watch Andrew's video on the exit tax in Poland that is effective from 2019, it came into effect shortly after being announced. If you were living in Poland sitting on huge capital gains, you could be in for a shock when you move to your next country. Your tax professional should be in contact with you on a continuous basis, not just at tax time. They should let you know almost immediately when changes to regulations could affect you.

4) tax support does not end with filling out your tax return, estate tax planning can be even more important. eg. do you know which country's regulations would apply on your death? if you live in the EU, have you made an election in your will if you would like the rules of another permissible country to apply on death? do you even have a will? Are your investments structured in a way to avoid the US estate tax on investments over $60K, this one can be a killer as the U.S. estate tax on U.S. shares and bonds is 60% on assets over $1 million, and very few countries have treaties to protect you against this tax.

5) if you think not claiming revenue is a tax strategy, just look at the Panama papers or HSBC in Switzerland. Keep your tax filings up to date and honest. CSR information is really still in its infancy, my expectation is that a lot of people are going to be in for a shock when the tax authorities start asking individuals to explain how to reconcile the tax declarations filed in the past to information received through CSR sharing between countries.

Kristina Leitz says:

As a tax specialist myself, I was a little concerned with your topic, but it was quite good. I do work with a number Expats myself and will be relocating abroad next year myself.

dlukton says:

It often pays to "think outside the box".

Atem S. says:

H&R block people!

Real Name says:

How do you find a GOOD tax accountant? I’ve searched and never found one that was actually competent

Repair Man says:

How could a licensed accountant in the US not know about foreign income exclusion. That’s mind-boggling. That poor guy basically donated money to the US government.

schniamhy says:

Sounds about right. People are so narrow minded.

The Crypto Lifestyle says:

Gotta love this guy man!

semplice says:

Hey Andrew this is Steve in Sheboygan, Wisconsin. Why did you single me out? Did a client really complain about my tax preparation job?

Mick McCoy says:

Good show Andrew. As a now retired US tax professional, we prepared many international returns. Step one was to investigate any tax treaty, or lack of one, between the US and the other countries, and we always attached a copy of the tax treaty, if it existed, to the filers return. Our small staff included a tax attorney and an enrolled agent. We never had a international return audited or challenged by he IRS.

dwt51 says:

The solution to any problem lies in finding the person who already has the answer and simply asking him (or her).

jmcarp98 says:

Pretty sad not even a professional with a degree in accounting can "prepare" your taxes correctly. Kinda sounds like slavery and tyranny to me. Disgusting.

Jossy Singh says:

As the old saying goes “If you think it’s expensive to hire a professional, hire an amateur.”

This is going to be a confidence booster for someone who is considering moving offshore but has a standard attorney / tax preparer.

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