TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Friday, February 9, 2018

Number Of Americans Renouncing Their U.S. Citizenship Fell In 2017, The First Decline In Five Years

International Tax Blog, 2017 Fourth Quarter Published Expatriates – First Annual Decrease in Five Years:

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 fourth quarter of 2017.

Expats

The number of published expatriates for the quarter was 685, bringing the total number of published expatriates in 2017 to 5,133.  2017 is the first year since 2012 where there has been a year-over-year decrease in published expatriates. 

https://taxprof.typepad.com/taxprof_blog/2018/02/number-of-americans-renouncing-their-us-citizenship-fell-in-2017-the-first-decline-in-five-years-.html

Tax, Tax Policy in the Trump Administration | Permalink

Comments

I guess the Hollywood liberal types that swore they'd leave if Trump were elected were bluffing?

Posted by: Anon | Feb 9, 2018 10:18:00 AM

@Anon,

I think you'll find these folk are very high earners in high finance who hit a windfall and realize that if they renounce their American citizenship in favor of whatever plutocratic tax haven they do business in, they'll be able to more or less have no taxation on said windfall. John Grayken (private equity partner, renounced in favor of Ireland) and Eduardo Saverin (Facebook, renounced in favor of Singapore) are probably the most famous examples. Bonus: they can still live in the US up to 120 days per year, if memory serves. Grayken, who is originally from the South Shore of Massachusetts, famously bought the most expensive residential property in Boston a few years ago.

Posted by: Unemployed Northeastern | Feb 10, 2018 1:20:02 PM

Based on my limited amount of research, for many, the driver appears to be the estate tax. The exit tax with its spread out and the income tax are the same. But when someone finds out our estate tax includes their share of the family wealth back home, that's when they draw the line.It will be interesting to see how 2018 goes.

Posted by: Dale Spradling | Feb 11, 2018 10:50:34 AM

Perhaps the Hollywood crowd that swore to leave and move to Canada were told they are not welcome. Enough snowflakes there already starting with Chief Snowflake Trudeau.

Posted by: Johnny VanDijk | Feb 12, 2018 8:28:26 AM

I'm still waiting for that 25% of the federal workforce that said they'd quite if Trump won the Presidency to actually quit.

Whether they renounce their citizenship or not, I couldn't care less. Getting rid of the Deep State deadwood would be an improvement, though... : )

Posted by: MM | Feb 18, 2018 5:19:23 PM