Treasury: Record Number Renounce US Citizenship, Green Cards Over Tax Laws Read more: WSJ: Record Number of US Citizens, Green-Card Holders Cut Ties With U.S. in 2015
8th February 2016
The number of people renouncing their U.S. citizenship or abandoning green cards has soared to record levels for the third consecutive year, US Treasury Department data reveal.
The surge is likely the result of stringent U.S. tax policy, officials told the Wall Street Journal.
‘Cause I’m the tax-man, ooooo, I’m the tax-man, yeah…..
The underlying cause behind the massive increase in renunciations is believed to be the Foreign Accounts Tax Compliance Act (FATCA), which came into force in 2010. The law imposes harsh penalties for non-compliance, even if people aren’t dodging it on purpose, Andrew Mitchel, an international lawyer who analyzes IRS data, told the Wall Street Journal.
“An increasing number of Americans appear to believe that having a U.S. passport or long-term residency isn’t worth the hassle and cost of complying with U.S. tax laws,” he said.
Some of us here at home are thinking the same thing.