Thursday, May 14, 2015

Americans repatriating and renouncing citizenship continues at record levels in 2015

In 2014, a record number of Americans renounced their citizenship with an even greater number repatriating to live outside the United States.  And this number is not slowing down as through the first quarter of 2015, a record 1335 Americans have discharged their allegiance to the U.S., which at current levels, would make 2015 an even greater year than last by more than 50%.
A record number of Americans gave up their US citizenship in the first quarter of 2015, according to IRS data. This is blamed on the taxation of income earned outside the US, along with laws expanding offshore bank account and asset reporting.
A total of 1,335 people renounced US citizenship during the first three months of the year, topping the previous record by 18 percent, according to data compiled by Bloomberg.
The new figure puts 2015 on track to exceed last year’s 3,415 renunciations, which is an all-time record. – Russia Today


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