Record Number Of Americans Giving Up Their Citizenship
- 9 years ago
Americans who live overseas have been renouncing their US citizenship in record numbers over the past several years.
Americans who live overseas have been renouncing their US citizenship in record numbers over the past several years.
In 2014 nearly 35 hundred people bid a permanent adieu to the states, and the year before that about 3 thousand did the same.
It’s believed that for many a combination of taxation and banking issues has made retaining US citizenship while living and working abroad undesirable.
For some time it’s been required that Americans earning their paycheck in other countries pay income taxes to both nations.
What they reported and filed wasn’t historically a matter of overwhelming international concern.
The matter’s been complicated in recent years by the greater scrutiny being placed on who is paying what to whom, and where that money is being kept.
An initiative called the Foreign Account Tax Compliance Act requires that the world’s banks alert
Americans who live overseas have been renouncing their US citizenship in record numbers over the past several years.
In 2014 nearly 35 hundred people bid a permanent adieu to the states, and the year before that about 3 thousand did the same.
It’s believed that for many a combination of taxation and banking issues has made retaining US citizenship while living and working abroad undesirable.
For some time it’s been required that Americans earning their paycheck in other countries pay income taxes to both nations.
What they reported and filed wasn’t historically a matter of overwhelming international concern.
The matter’s been complicated in recent years by the greater scrutiny being placed on who is paying what to whom, and where that money is being kept.
An initiative called the Foreign Account Tax Compliance Act requires that the world’s banks alert