Editorials & Other Articles

Purveyor

(29,876 posts) Sat May 9, 2015, 06:23 PM May 2015

Americans Living Abroad Set Record for Giving Up Citizenship

More Americans living outside the U.S. gave up their citizenship in the first quarter of 2015 than ever before, according to data released Thursday by the IRS.

The 1,335 expatriations topped the previous record by 18 percent, according to data compiled by Bloomberg. Those Americans are driven to turn in their passports in part because of laws that have expanded bank reporting and tax compliance requirements for expatriates.

The increase in early 2015 follows an annual record in 2014, when 3,415 Americans gave up their citizenship.

An estimated 6 million U.S. citizens are living abroad, and the U.S. is the only country within the Organization for Economic Cooperation and Development that taxes citizens wherever they reside.

more...

http://www.bloomberg.com/news/articles/2015-05-07/americans-abroad-top-quarterly-record-for-giving-up-citizenship

6 replies

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Americans Living Abroad Set Record for Giving Up Citizenship (Original Post) Purveyor May 2015 OP

Taxes. Warpy May 2015 #1

'Till they want to visit/return. ret5hd May 2015 #2

Then they apply for a tourist visa and go with their new passports Warpy May 2015 #3

OK... ret5hd May 2015 #4

"High profile member of the bitcoin community" Warpy May 2015 #5

OK... ret5hd May 2015 #6

Warpy

(111,264 posts)

1. Taxes.

Reply to Purveyor (Original post)

Sat May 9, 2015, 06:28 PM

May 2015

The US is the only country that reaches the long arm of the IRS into expat pockets. Most expats aren't rich enough to owe US taxes but having to do the damned paperwork every year is enough of an incentive to renounce citizenship.