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Latino Daily News

Tuesday February 18, 2014

3,000 Americans Renounced Citizenship in 2013, Triple Usual Number

An analysis of U.S. government data by CNNMoney shows that 3,000 Americans renounced their citizenship in 2013, a record number.

According to the CNN analysis these Americans were tired of dealing with U.S. tax laws and complicated tax filings. 

The 3,000 figure is triple the average of the last five years.  In 2012, for example, 933 Americans renounced their citizenship.  Many of those Americans turning in their passports are doing so to protect their wealth.

Experts believe the surge in renunciations is tied to the new tax disclosure law, known as the Foreign Account Tax Compliance Act, that is cracking down on overseas tax evasion.  The new law requires banks to report all foreign accounts held by Americans.

The 2010 law attempts to recoup some of the billions of dollars the U.S. government says it loses each year in unpaid taxes.

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