Tax Changes Drive Surge In Americans Renouncing Citizenship

Sunday, March 3, 2013
By Paul Martin

by Tyler Durden

We are well aware of the infamous French dramatics as the wealthy flee the country over the changing tax structure but few know that Americans renouncing citizenship has tripled in the last few years. As The Telegraph reports, many decide to give up citizenship after tiring of the lengthy US tax return process. Since US tax laws changed in 2008 (all American citizens are required to file a tax return on their world-wide income – even if they have not visited the US for decades), the number of ‘renunciations’ has risen from 231 per year to 1,781. The process of immigration can be costly (due to the actual tax and legal preparation) but “actually giving up your citizenship is dead easy – once you have an appointment with a consular official, it takes a matter of minutes.” One London-based lawyer (where it appears a lot of Americans are immigrating – the 2011 census found 177,185 people living in England and Wales were born in the US) adds that the “US Embassy in London has responded to that demand by streamlining the process.”

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