The number of Americans choosing to give up their passports hit a record 3,415 last year, up 14% from 2013, and 15 times more than in 2008, when only 231 people renounced their citizenship.
Experts say the recent surge is coming from expats who no longer want to deal with complicated tax paperwork, a burden that has only gotten worse in recent years. [Source]
I wonder how many of the 3,415 were Kuwaitis since Kuwaiti banks last year decided to start complying with FATCA (Foreign Account Tax Compliance Act) which means any American citizen will have their bank information automatically passed on to the IRS for tax purposes. For Kuwaitis with dual citizenship this meant they would have to start paying taxes on their undisclosed finances.
Thanks Motez
10 replies on “A record 3,415 Americans ditch their passports”
I came across this article late last year that explains the whole situation in great detail.
https://www.bbc.com/news/magazine-24135021
There are several cases where Americans, like my friend Dorrie whose been living in Kerala for 21 years, no longer wish to be associated with America for personal reasons that has nothing to do with tax evasion.
The Federal Register (US government official newspaper) publishes a Quarterly Publication of Individuals, Who Have Chosen To Expatriate (ditch their US citizenship).
Here are the quarterly lists:
https://www.federalregister.gov/quarterly-publication-of-individuals-who-have-chosen-to-expatriate
There are only a handful of Kuwaitis in each quarterly.
>There are only a handful of Kuwaitis in each quarterly.
How can you tell?
The link shows a list of names, unless I’m missing something.
You still have to pay any tax liabilities that you owe at the time of renunciation. It doesn’t clear the slate.
Yeah but future revenue isn’t taxed. It’s basically if you expect something like an inheritance
Also, for american who are married to foreigners (i.e. europians), reside outside the US and already pay local taxes in their country of residency, some choose to give up their US citizenship, if they do not intend to go back to the US.
Many of them are dual-citizens who held the US Passport for convenience and had no real bond to the country. Good riddance.
Wholeheartedly concur. If it were up to me, no American would be allowed to hold dual-citizenship after the age of 21.
Check the facts. Foreigners give up their citizenship to become Americans, but they can fill out a form in their birth country and get it back. There are government contractors that are dual citizens, but if they want a security clearance , they have to give up the birth country one of course.
Correction on my part, the security clearance below SECRET can be a dual-citizen.