Why are Americans giving up their citizenship?Submitted by emalvini on Fri, 09/27/2013 - 10:23
Why are Americans giving up their citizenship?
By Tom Geoghegan
BBC News, Washington
The number of Americans giving up their citizenship has rocketed this year - partly, it's thought, because of a new tax law that is frustrating many expats.
Goodbye, US passport.
That's not a concept that Americans contemplate lightly. But it's one that many of them seem to be considering - and acting on.
The number of expatriates renouncing their US citizenship surged in the second quarter of 2013, compared with the same period the year before - 1,131 cases to 189 in 2012. It's still a small proportion of the estimated six million Americans abroad, but it's a significant rise.
The list is compiled by the Federal Register and while no reasons are given, the big looming factor seems to be tax.
Read more: http://www.bbc.co.uk/news/magazine-24135021