Friday, August 15, 2014

Americans Abandon Citizenship, Are Taxes to Blame?

More Americans renounced their citizenship in 2013 than ever before, according to Forbes.

In 2013, a total of 2,999 American left their U.S. nationality, resulting in a 221% increase over 2012, when the total was 932. The data comes from the U.S. Treasury Department’s mandatory quarterly list, publically naming those who’ve renounced their U.S. citizenship or long-term residency. 

Forbes reports that taxes may be at the heart of the issue for many Americans living abroad. Under the Foreign Account Tax Compliance Act, Americans living and working in foreign countries still have to file their earnings with the U.S., often resulting in double taxes.

For more information, see:  U.S. Taxes and Tax Law: An Expat’s Bane?

Read the full story here.


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