5.5 Million Americans Eye Giving Up US Citizenship, Survey Reveals
73% of Americans abroad are tempted to give up their U.S. passports, reveals a new survey by deVere Group, an independent financial advisory organization. There are an estimated 7.6 million Americans living overseas. At 73%, that’s approximately 5,548,000 Americans weighing handing in U.S. passports.
If all those considering renouncing followed through, it would be the biggest spike ever in renunciations. Already, Federal Register data reveals renunciations spiked by 39% shortly after FATCA—the Foreign Account Tax Compliance Act—came into effect. FATCA is the culprit, says the survey, which is based on 400 expatriates.
73% have considered or are considering renouncing. 16% said they would not consider it, and 11% don’t know. Nigel Green, founder and chief executive of deVere Group, comments: “It is alarming that nearly three quarters of Americans abroad said that they are going to or have thought about giving up their U.S. citizenship.”
"Nationality, especially for an expatriate, is an incredibly important part of one's identity and typically it's a very emotional issue too. It is our experience that most Americans are extremely saddened at the prospect of giving up their U.S. citizenship to avoid the harsh implications of a new and utterly flawed tax law," said Green.
"However, it should come as little surprise that such a high number are prepared to do so because FATCA's reporting requirements are excessively onerous, burdensome and expensive. Also many non-U.S. banks and other financial institutions will no longer work with Americans which can make living outside the U.S. achingly complicated."
To address this topic we’ve prepared for International Man readers a free report called The American Expatriation Guide—How to Divorce the US Government. This report will guide you through the process of renunciation in amazing detail. To get a copy, simply log in to the International Man site and then go to the Free Guides & Resources section to download the PDF.
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