- Home » Expat News » Expatriate record set by Americans abroad
Expatriate record set by Americans abroad
| Published: | 11 May at 6 PM |
Want to get involved?
Become a Featured Expat and take our interview.
Become a Local Expert and contribute articles.
Get in touch today!
Become a Local Expert and contribute articles.
Get in touch today!
According to data released by the IRS last Thursday, the first quarter of 2015 saw the largest amount of expat Americans giving up their U.S citizenship compared to any previous quarter since records began.
The data, which was complied by Bloomberg, showed that the previous record was beaten by 18 percent with 1,335 expatriations occurring in that time period. Laws concerning tax compliance requirements and bank reporting have driven many Americans living abroad to turn in their U.S passports.
This dramatic increase in the first quarter of this year follows an annual record which was set in 2014 when 3,415 expatriate Americans gave up U.S citizenship.
Out of all the countries in the Oganization for Economic Cooperation and Development, the U.S is the only one that taxes it’s citizens wherever they reside. It’s estimated that six million American citizens live abroad.
The majority of Americans giving up their citizenship have few connections to America and have lived in other countries for the most part of their lives. People born to American parents abroad atomically receive U.S citizenship, the same goes for anyone born in the country. Giving up one’s citizenship is easy for some however other people feel that the choice is a lot more complicated.
Stephan's Orestis, a U.S citizen currently living in Oslo, explained that the thought of losing his U.S Citizenship was distressing as he was born and bred in America and still has a love for his country.
The data, which was complied by Bloomberg, showed that the previous record was beaten by 18 percent with 1,335 expatriations occurring in that time period. Laws concerning tax compliance requirements and bank reporting have driven many Americans living abroad to turn in their U.S passports.
This dramatic increase in the first quarter of this year follows an annual record which was set in 2014 when 3,415 expatriate Americans gave up U.S citizenship.
Out of all the countries in the Oganization for Economic Cooperation and Development, the U.S is the only one that taxes it’s citizens wherever they reside. It’s estimated that six million American citizens live abroad.
The majority of Americans giving up their citizenship have few connections to America and have lived in other countries for the most part of their lives. People born to American parents abroad atomically receive U.S citizenship, the same goes for anyone born in the country. Giving up one’s citizenship is easy for some however other people feel that the choice is a lot more complicated.
Stephan's Orestis, a U.S citizen currently living in Oslo, explained that the thought of losing his U.S Citizenship was distressing as he was born and bred in America and still has a love for his country.
Comments » No published comments just yet for this article...
Feel free to have your say on this item. Go on... be the first!
