A Record Number of Americans Are Renouncing Their Citizenship
2015/05/09 2 Comments
While the numbers are small, the trend is clear:
People giving up their nationality at U.S. embassies rose to 1,062 in the fourth quarter from 776 in the year-earlier period, according to Federal Register data. That’s the highest quarterly total since the second quarter of 2013, according to Bloomberg News calculations based on records starting in 1998.
The annual total reached 3,415 in 2014, from 3,000 in the year-earlier period, according to Federal Register data. The five highest totals have been recorded since the U.S. Congress passed the 2010 law.
There are an estimated 6 million U.S. citizens living abroad. More than 10,000 Americans living overseas have given up their passports over the past five years.
A Record Number of Americans Are Renouncing Their Citizenship – Bloomberg Business.
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Multicultural Meanderings 
I assume this would be because of the recent changes in taxation, would it not? I wonder if perhaps that may change in future, at which time people who have renounced their US citizenship my regret having done so. It seemed unfair they should have to pay tax twice because they are living and working, perhaps temporarily, out of the country. I hope that other countries do not follow suit, and I wish there was an agreement for a consistent taxation practice between them as, nowadays, many people work abroad.
Yes, largely FATCA related. Only the US of major countries, I believe, requires expats to file tax returns.