86. US Citizenship Abroad: The Hidden Costs and Why Some Expats Walk Away

For Americans living abroad, US citizenship can come with unexpected restrictions, from banking problems and mortgage issues to business ownership challenges and complex US tax reporting. Richard Taylor, dual UK/US citizen and Chartered Financial Planner at Plan First Wealth, is joined by Dan Brotman, Global Mobility Specialist, and Marko Peck, investment migration advisor, for a conversation on cross border financial planning, expat tax advice, and what it really means to build more options into your life as an expat. Marko shares why he renounced his US citizenship, what the process looked like, and how life changed afterwards. Dan and Marko also explain why citizenship and residency are not the same thing, and how this impacts travelling to the US, travelling globally, and long-term planning for internationally mobile individuals. They also explore international wealth strategy through second passports, including citizenship by descent and citizenship by investment, as well as the growing importance of diversification for expat retirement planning and long-term financial growth. If you are a British expat, an American abroad, or someone thinking about your next move internationally, this episode offers practical financial advice and insight into how to navigate an increasingly complex global landscape. -- Expat Wealth is supported by Plan First Wealth. Plan First Wealth is a Registered Investment Advisor serving fellow expatriates and immigrants living across the US on matters such as retirement planning, investment management, tax planning and non-US asset management.   https://planfirstwealth.com/   --   Expat Wealth is affiliated with Plan First Wealth LLC, an SEC registered investment advisor. The views and opinions expressed in this program are those of the speakers and do not necessarily reflect the views or positions of Plan First Wealth.    Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Plan First Wealth does not provide any tax and/or legal advice and strongly recommends that listeners seek their own advice in these areas.