ExpatBriefing: Jump In US Expats Renouncing Citizenship
By by Mike Godfrey, Tax-News.com, Washington 04 August, 2017
According to Treasury Department statistics, the number of taxpayers renouncing their US citizenship in the second quarter of 2017 hit 1,759 – the second highest on record.
The numbers of taxpayers renouncing their US citizenship grew by over a third (34 percent) from the previous quarter. The current record quarter – the fourth quarter of 2016 – saw 2,365 US citizens renounce their passports or green cards.
The total figure for the first half of 2017 (3,072) has already exceeded the total for 2013 (2,999).
The number of expatriations from the US has been on an upwards trajectory since 2013 in large part due to increased awareness of, and an increase in the number of reporting obligations on non-resident persons.
For instance, the introduction of the Foreign Account Tax Compliance Act (FATCA) in 2010 required foreign financial institutions to report information on assets held by US citizens overseas. This is in addition to the existing obligation for all US citizens to declare foreign accounts with an aggregate balance of over USD10,000.
Tags: Individuals | Expatriates | Foreign Account Tax Compliance Act (FATCA) | Tax | FATCA | Internal Revenue Service (IRS) | United States | Compliance | Expats | Tax |
ExpatBriefing: Cyprus Proposing Tax Perks To Attract Foreigners, Investment
Cyprus is considering the introduction of a new digital nomad visa, which would enable non-EU, self-employed persons to ... Read more
ExpatBriefing: Greece Approves Tax Breaks For Foreign Pensioners
Greece has published in its Official Gazette a law to introduce a special tax regime for foreign pensioners relocating t... Read more
ExpatBriefing: Greece Planning Tax Perks For Expat Retirees
Greece is set to introduce a special seven percent flat rate of tax on the overseas income of retired foreign nationals ... Read more
ExpatBriefing: COVID-19: IRS Reminds Expats Of Extended Tax Deadline
On June 2, 2020, the United States Internal Revenue Service reminded taxpayers living and working abroad that they have ... Read more
ExpatBriefing: COVID-19: Luxembourg And Belgium Clarify Tax For Frontier Workers
On May 19, 2020, Luxembourg and Belgium signed an agreement to clarify the tax position of frontier workers affected by ... Read more
ExpatBriefing: ECJ Issues Ruling On Italian Tax Rules For Expats In Portugal
The European Court of Justice has ruled that Italy did not infringe EU law when determining that two of its nationals we... Read more