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