information for global expats

News Archive

Home » News » Jump In US Expats Renouncing Citizenship

Jump In US Expats Renouncing Citizenship

By by Mike Godfrey, Tax-News.com, Washington
04 August, 2017


According to Treasury Department statistics, the number of taxpayers renouncing their US citizenship in the second quarter of 2017 hit 1,759 – the second highest on record.

The numbers of taxpayers renouncing their US citizenship grew by over a third (34 percent) from the previous quarter. The current record quarter – the fourth quarter of 2016 – saw 2,365 US citizens renounce their passports or green cards.

The total figure for the first half of 2017 (3,072) has already exceeded the total for 2013 (2,999).

The number of expatriations from the US has been on an upwards trajectory since 2013 in large part due to increased awareness of, and an increase in the number of reporting obligations on non-resident persons.

For instance, the introduction of the Foreign Account Tax Compliance Act (FATCA) in 2010 required foreign financial institutions to report information on assets held by US citizens overseas. This is in addition to the existing obligation for all US citizens to declare foreign accounts with an aggregate balance of over USD10,000.

Tags: Individuals | Expatriates | Foreign Account Tax Compliance Act (FATCA) | Tax | FATCA | Internal Revenue Service (IRS) | United States | Compliance | Expats | Tax





Leave A Comment




About | Useful Links | Global Media Partners | Media | Advertising And Sales | Banners And Widgets | Glossary | RSS | Privacy & Cookies | Terms And Conditions | Editorial Policy | Refer To A Friend | Newsletters | Contact | Site Map

Important Notice: Wolters Kluwer TAA Limited has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments. © Wolters Kluwer TAA Ltd 2017. All rights reserved.

The Expat Briefing brand is owned and operated by Wolters Kluwer TAA Limited.