Number of Americans renouncing citizenship soars; another record set in 2014

Number of Americans renouncing citizenship soars; another record set in 2014

[Ed. – FATCA is actually making foreign banks refuse to accept Americans’ business at all.  If they have no American account-holders, they don’t have to worry about FATCA.  In a number of places, that makes it impossible for an American to have a bank account like a normal person.  America is the only nation that does this to its overseas nationals.]

According to the latest data from the Treasury Department, spotted by Andrew Mitchel at the International Tax Blog, a record 3,415 Americans renounced their citizenship in 2014. That was up from the 2,999 in 2013 and more than triple the number for 2012. …

You can read the list of individuals who renounced here.

While some may see taxes as the main reason to flee, that’s only part of the story. The big policy change that’s causing people to give up their American citizenship is FATCA, the Foreign Account Tax Compliance Act. …

[T]he act requires foreign banks to reveal any Americans with accounts over $50,000. Banks that don’t comply could be frozen out of U.S. markets.

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