The trend of Americans renouncing their citizenship is growing, and the number has reached record level highs, reports Forbes.
The U.S. Treasury Department publishes a quarterly list of people who renounced their citizenship or terminated long-term U.S. residency. The total for 2013 was 2,999, a 221% increase compared to the 932 who left in 2012.
According to Forbes, the complex U.S. tax system may be partly to blame. The Foreign Account Tax Compliance Act (FACTA) dictates that Americans abroad have to file and pay taxes not only to the foreign country they are living and working in, but also to the U.S.
See: U.S. Taxes and Tax Law: An Expat’s Bane?
Chaninat and Leeds law firm assists small and medium enterprises with company registration in Thailand.
Forbes says that “the real teeth of FATCA is reporting and disclosure by foreign banks, the systematic turning over of American names by foreign banks all over the world.”
Read the full story here.
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