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Sunday, July 18, 2010

Financial Times: More Americans Are Forfeiting Citizenship to Escape U.S. Taxes

Financial Times, Americans Forfeit Citizenship to Avoid Tax:

The number of wealthy Americans living in the UK who are renouncing their US citizenship is rising rapidly as more expatriates seek to escape paying tax to the US on their worldwide income and gains and shed their “non-dom” status, accountants say.

As many as 743 American expatriates made the irreversible decision to discard their passports last year, according to the US government – three times as many as in 2008.

The trend was particularly noticeable in the UK, where 190,000 Americans live and work. There is a waiting list at the embassy in London for people looking to give up citizenship, with the earliest appointments in February, lawyers and accountants say.

(Hat Tip:  Dan Mitchell.)

http://taxprof.typepad.com/taxprof_blog/2010/07/financial-times-.html

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Comments

I have to refresh myself on the rules, but I recall studying that the IRS still taxed you for 10 years afterwards?

Posted by: anon | Jul 19, 2010 4:03:29 PM