Record Number of U.S. Citizens, Green-Card Holders Cut Ties With U.S. in 2015
In 2015, 4,279 American expats renounced their U.S. citizenships, according to the U.S. Treasury. This figure represents a roughly 25 percent increase from 2014 and continues a trend that has seen the number of renunciations rise nearly 500 percent since 2009 (742).
A recent blog post by The Tax Foundation offers compelling data that suggests a strong correlation between the recent spike in U.S citizenship renunciations and the 2010 passage of the Foreign Account Tax Compliance Act (FATCA), which introduced stricter reporting requirements for foreign institutions with U.S. citizen clients and U.S. citizens living abroad.
This has all contributed to the growing financial complexity most cross border families deal with on a daily basis. And in reality, there is likely no end in sight to this phenomenon. This is why I have been working so hard on my new book on Wealth Management for Cross Border Families – to be published by Wiley in late 2016. stay tuned!!