Getting Out, Part One: Americans Renouncing Citizenship
APRIL 27, 2012
Capital, like information, wants to be free. The idea that it should be limited to one country has always struck rich people as silly, which is why Swiss bank accounts, offshore trusts and Caribbean beachfront condos have been perennial big-sellers.
But lately, the legitimate reasons for investing overseas have been joined by a couple of new ones: disgust with a ridiculously intrusive US tax system and worry that the country is becoming something different and less predictable.
As the Wall Street Journal’s William McGurn reports below, a small but growing number of Americans aren’t just moving money offshore, but are renouncing citizenship altogether: