Americans abroad renouncing US citizenship hits record - again

More Americans renounced their US citizenship in the first quarter of 2015 than any previous quarter in history, according to the IRS. A record 1,335 Americans living overseas renounced their citizenship in the first three months of 2015, according to the Internal Revenue Service. That number is 18 percent higher than the previous record, according to Bloomberg. In all of 2014, 3,415 individuals gave up their U.S. citizenship, the second straight year when renouncements hit a new record high. The data only provided the names of Americans giving up their passports, and not their reasons for doing so. But the spike comes as the U.S. government is getting more aggressive about ensuring that Americans living abroad are unable to hide funds that should be taxed back home. The 2010 Foreign Account Tax and Compliance Act (FATCA) required foreign banks to report on accounts held by U.S. citizens. Roughly 110 countries and 160,000 financial institutions have...(Read Full Post)