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The number is still small but it's growing and each quarter and each year brings a new record high.
First quarter of 2015 1336 Americans gave up their citizenship. The US raised the price of doing that from $450 to $2350 but that did not stop the flow.
My cousin is one of those 1336. She filed the papers and is no longer an American citizen.
She never worked in the US. Went to Europe at 16 and attended schools there (military move).
Went to college there and started working there and decided to stay.
Dual citizenship allowed her to do that.
The strict IRS rules though caused problems for her living and working in Europe.
Her bank closed out her accounts for one. And the paperwork she has to file is a nightmare so she pays to have it done. And she's never earned a dime of money in the US.
3415 Americans gave up their citizenship last year while 450,000 (average) immigrants (legal and illegal) entered the US.
Record Number of Americans Renounced Their U.S. Citizenship in 2015
Between January and March of 2015, a record 1,336 Americans renounced their U.S. citizenship, according to a quarterly report by the Internal Revenue Service (IRS) that was published in The Federal Register.
..
The record number of American natives who have renounced their U.S. citizenship is in sharp contrast to the much larger rise in immigrants coming to America.
Not sure what the statistic is supposed to mean but here is another.
1336/320,000,000= 00.0004% Hoping I got the right amount of zeros because there were a lot.
Also rounded to the nearest 100th of a percent it is zero.
It's like the 9/11 story. It's obvious to me explosive charges were planted in the two main buildings and building 7 ahead of time but the media reports history the way their masters want it to unfold.. .
So it was an inside job perpetrated by the government in power at the time.. OK
It's not unusual for some people to retire to where the living in cheaper. With baby boomers aging expect the numbers to grow. No big deal.
Shows what you know.
An expatriate (often shortened to expat) is a person temporarily or permanently residing in a country other than that of their citizenship. Most do not give up their U.S. citizenship to live in another country.
Me, I've considered it. Since that global warming won't come here, maybe I'll go somewhere warm.
If they no longer live in the USA whats the point of giving up your American citizenship?.
The US taxes its citizens on global income.
The IRS laws got changed which adds a lot of complexity for US citizens that live abroad.
My cousin lives in Europe. Dual citizen. She never worked a day in the US.
Yet has to file with the IRS every year.
She got kicked out of her bank because of her US citizenship. Some of the smaller banks don't want to deal with US citizens because of the new IRS law.
She filed papers and has given up her US citizenship.
An expatriate (often shortened to expat) is a person temporarily or permanently residing in a country other than that of their citizenship. Most do not give up their U.S. citizenship to live in another country.
Me, I've considered it. Since that global warming won't come here, maybe I'll go somewhere warm.
You're right..most expats don't give up their citizenship.
But the complexity of the IRS rule changes supposedly targeted at wealthy tax cheats that hide their money abroad hits all income levels.
Some of the financial companies in Europe do not want to do business with expats because of this law.
The IRS will punish the financial company if they find the expat cheated on their taxes.
Would you want to be punished over something someone else did that you have no control over ?
You're right..most expats don't give up their citizenship.
But the complexity of the IRS rule changes supposedly targeted at wealthy tax cheats that hide their money abroad hits all income levels.
Some of the financial companies in Europe do not want to do business with expats because of this law.
The IRS will punish the financial company if they find the expat cheated on their taxes.
Would you want to be punished over something someone else did that you have no control over ?
Nope, this, high taxes and I could see why more and more people are and will be giving up U.S. citizenship.
Why pay taxes when you don't benefit anyway? I wonder what expats do about Obamacare law?
If I worked for a foreign company in a foreign country, the IRS has no right to tax me. Ever.
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