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Friday, May 08, 2015

Record number of Americans abroad giving up citizenship

A record 1,335 Americans living overseas renounced their citizenship in the first three months of 2015, according to the Internal Revenue Service.

That number is 18 percent higher than the previous record, according to Bloomberg. In all of 2014, 3,415 individuals gave up their U.S. citizenship, the second straight year when renouncements hit a new record high.

The data only provided the names of Americans giving up their passports, and not their reasons for doing so. But the spike comes as the U.S. government is getting more aggressive about ensuring that Americans living abroad are unable to hide funds that should be taxed back home.

The 2010 Foreign Account Tax and Compliance Act (FATCA) required foreign banks to report on accounts held by U.S. citizens. Roughly 110 countries and 160,000 financial institutions have agreed to comply with the law, even as the U.S. stands apart from most other nations by taxing income its citizens make while living anywhere in the world.

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6 comments:

  1. Is it possible to renounce citizenship if you plan to stay in the US ?
    Just wondering............

    ReplyDelete
  2. I understand these people but this is not the answer.
    We need to take the country back from the control of the communist/demonrats!

    ReplyDelete
  3. I want to renounce, go to mexico, walk back across and get everything for free like they do. Can you seek political asylum in the country that you're seeking it from?

    ReplyDelete
  4. How can the U.S. "require" foreign banks to do *anything•?!

    ReplyDelete
  5. Got one in the White House

    ReplyDelete
  6. Can you seek political asylum in the country that you're seeking it from?

    May 9, 2015 at 12:06 AM

    what??

    ReplyDelete

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