Crypto Refugees

I am getting more and more inquiries from people of all ages who live in the United States simply want out of the United States. My impression is that they find life in the USA exhausting. Their reasons vary, but the theme is that they can achieve more freedom and live a better life elsewhere. The recent IRS interest in crypto currency reporting is likely to exacerbate this.

Many are actively seeking a second citizenship or residence. The restrictions associated with the COVID-19 pandemic have made the issue more visible and more urgent.

Many are conscious that it is only a matter of time before they reach the 2 million USD threshold which would make them subject to the US “877A Expatriation Tax” if you they don’t renounce US citizenship soon.

Many Digital Nomads want to remain US citizens. (US tax laws actually offer benefits to US citizens that allows them to live outside the United States and still remain US tax compliant.) Crypto Refugees do NOT want to remain US citizens and are anxious to rid themselves of membership in the world’s premier “Tax, Form and Penalty Club”.

Note that these sentiments are not unique to US citizens. Canada pioneered the concept of “Departure Taxes”. There are large numbers of people who feel the same way about life in Canada (and other first world democracies).