Why More Americans Living Abroad Are Choosing To Renounce Their Citizenship

There are a record-breaking number of Americans who are choosing to renounce their U.S. citizenship. This article discusses the reason why people living abroad are choosing this option. Renouncing citizenship is a very important decision that has serious consequences. People lose many of the rights and benefits that come with U.S. citizenship like the right to vote in U.S. elections or receiving government protection and assistance while traveling abroad. “While the reasons for abandoning citizenship vary from one person to the next, the recent spike in numbers is largely due to newer tax laws, including the Foreign Account Tax Compliance Act (FATCA) of 2010.” This column discusses the consequences of this law that was intended to go after tax evasion, and it also examines many of the other reasons why people choose to end their U.S. citizenship.

See Jean Folger, Why People Renounce Their U.S. Citizenship, Investopedia, February 8, 2016.