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Monday, February 8, 2016

Fall of America: Record Number of Americans Renouncing US Citizenship

Record Numbers Renounce Their U.S. Citizenship - Forbes
Once again, the number of Americans renouncing U.S. citizenship has gone up, up 560% from its Bush administration high. In 2015, there were approximately 4,300 expatriations according to the published names of individuals who renounced. The name and shame list is published quarterly, with the most recent three-month total being 1,058. That brings the total to 4,279 for 2015.
Record number give up US citizenship, green cards – US Treasury — RT USA
RIA Novosti/Mihail Mokrushin
​Record number of Americans living abroad renounce citizenship
For the third year in a row the number of people renouncing their citizenship or abandoning green cards has beaten the record set the previous year, US Treasury Department data reveal. The surge is likely the result of stringent US tax policy.
A record-breaking 4,279 individuals decided to call it quits with the US in 2015 in comparison to 3,415 people the previous year, according to a US Treasury report released on Friday.
The list of individuals deciding to expatriate is published on a quarterly basis by the Internal Revenue Service. The latest one contains the names of 1,058 US citizens and permanent residents that gave up their passports in the period from September to December.
PressTV-Record number give up US citizenship
The number of people renouncing their US citizenship or long-term residency hit a new record last year, according to official data.
A record 4,279 individuals cut official ties with the United States in 2015, marking the third consecutive year for record renunciations, the Wall Street Journal reported on Friday, citing Treasury Department data.
The number saw an increase of 25 percent from the previous year, with a total of 3,415 renunciations, and a 42 percent jump from 2013, when 1,130 Americans gave up their citizenship.
Number of Americans renouncing U.S. citizenship jumps 20% in 2015 - Feb. 8, 2016
Eighteen times as many Americans renounced their citizenship or long-term residency in 2015 compared with 2008. Last year was the third record-breaking year in a row.
Unlike most other countries, the U.S. taxes its citizens on all income, no matter where it's earned or where they live. For Americans living abroad, that results in a mountain of paperwork so complex that they are often forced to seek professional help, forking out high fees for accountants and lawyers.
The burden has gotten heavier in recent years with the Foreign Account Tax Compliance Act, which became law in 2010.

Record numbers renounced U.S. citizenship in 2015 -
For the third consecutive year, the number of people giving up their citizenship or green card has topped the previous year. Last year, it was 4,279 people, and it's most likely due to newer, more strict tax policies.
The passing of the Foreign Accounts Tax Compliance Act in 2010 was designed as a tool to fight tax evasion in the months after the UBS AG Bank scandal, which revealed that a large bank could aid rich clients who held dual residency in the United States and elsewhere to avoid U.S. taxes. UBS eventually paid $547 million to settle the case.
U.S. citizens can be required to pay taxes regardless of which country they live in for periods of time. But the law also allowed the U.S. government to go after foreign bank accounts, which prompted many foreign banks to drop their U.S. customers. Eventually, some of the those customers just renounced their U.S. citizenship.

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