What Form 8865 Nomads 2024

Hey guys, it's Andrew Henderson from Nomad Capitalist. I'm in Cairo, Egypt, recovering from some food poisoning, so unfortunately, I couldn't arrange any videos in front of the Sphinx. However, I wanted to talk about something called the Nomad trap that is important for location-independent workers, digital nomads, and business owners who travel the world. This year, the Nomad trap is becoming even more crucial. As we enter a new year, those of us living in Western countries need to gather our taxes and potentially send in a big check. Some individuals living the location independent lifestyle wrongly assume that they don't have to pay taxes because they are not living in their home country. While we've all heard about the United States' requirement for citizens to pay taxes no matter where they live, there are ways to minimize or eliminate taxes through offshore companies and setting up residences elsewhere. However, many non-US citizens believe that their tax situation is much simpler, which is where the Nomad trap comes into play. There is now increased scrutiny in many Western countries, explicitly or implicitly, on citizens and residents who have chosen to explore the world while running their businesses. The crack down also extends to English-speaking countries such as Australia, Canada, New Zealand, and Ireland, as well as other EU countries and even unexpected places like Colombia. These countries are now asserting that individuals who have left their home countries are still considered tax residents and may owe back taxes. These are often people who left years ago to travel the world, thinking they had no tax obligations. Unfortunately, they are discovering that simply leaving their home country isn't enough to avoid taxes. Court rulings in countries like Australia highlight the importance of having a residence or connection to another country to establish non-residency. Some individuals...