American’s Renouncing Citizenship at Record Levels
The number of Americans renouncing their citizenship in Y 2016 is pacing toward record levels for the 2nd year running according to the data.
A total of 508 Americans renounced in Q-2, bringing the overall number to 1,666 so far in Y 2016. At the same point last year, 1,795 Americans had renounced.
The Y 2015 ended with 4,279 Americans renouncing their citizenship and hand back their passports, a record amount and a 560% increase over the highest amount ever recorded in the Bush (43) Administration.
The surging numbers of expatriates has been brought on partly by the Foreign Account Tax Compliance Act of 2010, “aimed at forcing nonresident citizens to report more of their income for tax collection,” according to media reports.
Have a terrific weekend.