According to a Forbes report, the percentage of Americans renouncing citizenship increased by a total of 221% from 2012 at 932, to 2013 at 2,999. Although, the total number may seem small compared to the total numbers of immigrants seeking to become US residents. These numbers as reported by the US Treasury Department, quarterly, shows an interesting upward trend.
According to US Immigration Attorneys in Thailand Chaninat & Leeds the numbers of US visa applicants seem to have remained steady over the last five years. Chaninat & Leeds also stated that they occasionally receive requests from US citizens who would like to renounce their citizenship but these requests are few and far between. Nevertheless one of Thailand’s most successful US expatriates Bill Heineke reportedly renounced his US citizenship some time ago.
Experts have noted that the reasons could vary for why Americans give up their citizenship, but most would agree that one of the primary reasons could have to do with the current US income tax laws. Woods, an American tax lawyer and contributor to Forbes wrote that, “Many now find America’s global income tax compliance and disclosure laws inconvenient and nettlesome. Some go so far as to say that the U.S. tax and disclosure laws are downright oppressive.” The US is one of few countries that collect taxes on US citizens who live abroad and who earn income that is not sourced from the USA. Recently, the Foreign Account Tax Compliant Act (FACTA) has also required assets disclosure by expatriates. According to Thailand lawyers, US expatriates in Thailand can contact the US Embassy for questions regarding renunciation of citizenship, and tax questions.
Related Link:
The Income Tax Treaty Between the United States and Thailand: An Overview and Analysis
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