It has been reported by CNN Money that an increasing amount of American citizens are giving up their passports thanks firstly to a new disclosure law and secondly many Americans living abroad are said to have grown tired at the cumbersome tax filing procedures.
America requires all of its citizens to pay income tax, regardless of where it was earned and whether that person lives in the US.
The U.S. is preparing to implement the Foreign Account Tax Compliance Act, a new law that requires foreign institutions to report all assets owned by Americans.
The objective of the measure is to recoup some of the hundreds of billions the government claims to lose each year in unpaid taxes. Individuals with overseas assets are also required to file additional forms.
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