Monday, February 10, 2014

Americans Renouncing their Citizenship up 221%

Forbes reported that more Americans are renouncing their citizenship in the year 2013 with a whopping 221% increase from the year before, according to the article; Americans Renouncing their Citizenship up 221%. Most would wonder what is causing this upward trend. Although the reasons that Americans are renouncing their citizenship could be for a variety of things, like family obligations, or conveniences, spome experts believe that  the primary reason could be US income tax laws. 

America is one the few countries in the world that requires their citizens to pay income tax on global income sources or sources outside of America. Some prominent and wealthy Americans, such as one of the Facebook co-founder, Eduardo Saverin, have given up American citizenship to reside elsewhere, taking along their wealth. Recently, the Foreign Account Tax Compliant Act (FACTA) has also required assets disclosure by expatriates.According to Thailand law firm Chaninat & Leeds requests to assist with renouncing US citizenship are rare. In contrast Chaninat & Leeds points out persons seeking to immigrate to the US are much more frequent.  

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