Wednesday, May 8, 2013
CNN, U.S. Citizens Ditch Passports in Record Numbers, by Lynnley Browning:
If the recent quarter's pace continues, 2013 will become a landmark year for saying goodbye to America, tax-wise. ...
Americans are ditching their U.S. passports in record numbers, a sign of growing frustration with a system that taxes U.S. citizens on their global wealth whether they live in Montana or Mongolia.
The latest bold-faced names to relinquish their U.S. citizenship include Mahmood Karzai, a brother of Hamid Karzai, the president of Afghanistan, according to federal data released Wednesday. Also on the list, published quarterly by the IRS, is Isabel Getty, the daughter of jet-setting socialite Pia Getty and Getty oil heir Christopher Getty.
In total, more than 670 U.S. passport holders gave up their citizenship -- and with it, their U.S. tax bills -- in the first three months of this year. That is the most in any quarter since the I.R.S. began publishing figures in 2008. And it is nearly three-quarters of the total number for all of 2012, a year in which the wealthy songwriter-socialite Denise Rich (christened "Lady Gatsby" by Yachting magazine) and Facebook co-founder Eduardo Saverin joined more than 932 other Americans in tossing their passports.
If the recent quarter's pace continues, 2013 will become a landmark year for saying goodbye to America, tax-wise.
International Tax Blog, Q1 2013 - Highest Quarterly Number of Expatriates Ever (But . . . ):
The number of Published Expatriates was 679. This is the highest quarterly number of Published Expatriates ever. However, the prior quarter number of expatriates (Q4 2012) was only 45. For the 8 quarters prior to the fourth quarter of 2012, the average number of names listed per quarter was 383. The average of the two quarters (Q4 2012 and Q1 2013) is 362. It appears that the government forgot to include some of the names in the Q4 2012 list, and that they have now included those names in the Q1 2013 list.