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Thursday, May 1, 2014

Number of Taxpayers Who Renounced U.S. Citizenship Continues to Skyrocket

International Tax Blog:  2014 First Quarter Published Expatriates -- Second Highest Ever:

Today the Treasury Department published the names of individuals who renounced their U.S. citizenship or terminated their long-term U.S. residency (“expatriated”) during the first quarter of 2014.

The number of published expatriates for the quarter was 1,001. This is the second highest quarterly number of published expatriates ever and is only surpassed by the second quarter of 2013. ... Last year there was a record setting 2,999 published expatriates.  With just over 1,000 expatriates in the first quarter, 2014 may very well set another record.

Expat 2

Update:  Wall Street Journal, Number of Americans Renouncing Citizenship on Record Pace

http://taxprof.typepad.com/taxprof_blog/2014/05/number-of-taxpayers-.html

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Comments

The numbers quoted are lower than the actual number of US citizens living abroad that seek to give up their US citizenship because most Embassies have months to a year waiting lists to get in for an appointment to renounce, and further clearly cannot include those that give up Green Cards. This trend is a direct result of the US based Citizenship Based Taxation (CBT) and FATCA, and is a terrible loss to the USA. The fact is that the USA treats its expat citizens living overseas the worst - no other country literally hunts down it's citizens and demands payment of US taxes for money already taxed in their country of residence. This US CBT policy should be changed immediately to the world standard of residence based taxation (RBT). Funny thing, for US corporations (not individuals) the US already has a policy of RBT! Amazing how money talks but average middle class US citizens living overseas get the worst deal and the brunt of US government action.

Posted by: Steve Klaus | May 2, 2014 5:16:19 AM

Well, what do you expect after the passage of FATCA, the law that was designed to make impossible for Americans living abroad to have bank accounts?

Posted by: Sally | May 5, 2014 1:52:24 PM