Is The IRS Really Driving Americans To Renounce Citizenship?
A new poll from finance advisory deVere Group has found that 79 percent of its expat clients are now tempted to renounce their citizenship, an increase of 11 percent since they took the same poll last year.
“It seems that the burden of FATCA is becoming more ‘real’ and one way to avoid the negative effects of this highly controversial law is to relinquish citizenship,” deVere chief executive Nigel Green said in a press release.
After surveying 414 expat clients, 327 said they had “actively considered,” “are thinking about,” or “explored the options” of renouncing their U.S. passport because of the new rules. Many cited problems opening and maintaining bank accounts in their new countries and disliked the costs and paperwork associated with compliance.
Having the option to renounce your current citizenship is just one of the many crucial benefits a second passport offers.
Tags: renounce citizenship,