A Record Number of Americans Are Renouncing Their Citizenship
Bloomberg - Feb 10, 2015
The number of Americans renouncing U.S. citizenship increased 37 percent in the three months through December and the annual total reached a record level, data published Tuesday showed.
The trend likely is accelerating because of a 2010 law that gives the Internal Revenue Service unprecedented access to U.S. citizens’ foreign bank accounts, said Stephen Flott, an attorney at Flott & Co. P.C. in Arlington, Virginia, whose clients include expatriates. The U.S. is the only country within the Organization for Economic Cooperation and Development that taxes citizens wherever they reside.
“If they have no real desire to work or live here, then the question for them is: What’s the point?†Flott said. “For those who feel no real affinity to the U.S., it’s a no-brainer.â€
