Saturday, August 10, 2013
Wall Street Journal, Number of Americans Renouncing Citizenship Surges:
Expert Says 2013 on Pace to See Highest Number of U.S. Expatriations Ever:
The number of U.S. taxpayers renouncing citizenship or
permanent-resident status surged to a record high in the second quarter,
as new laws aimed at cracking down on overseas assets increase the cost
of complying and the risk of a taxpayer misstep.
A total of 1,130 names appeared on the latest list of renunciations
from the IRS, according to Andrew Mitchel, a tax
lawyer in Centerbrook, Conn., who tracks the data. That is far above the
previous high of 679, set in the first quarter, and more than were
reported in all of 2012.
Taxpayers aren't required to explain the move, but experts said the recent rise is likely due to tougher laws and enforcement. "The IRS crackdown on U.S. taxpayers living abroad seems to be having an effect," said Mr. Mitchel.