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High Number Of US Expats Giving Up Passports, Green Cards

by Leroy Baker, Tax-News.com, Washington

10 November 2016


1,380 US taxpayers gave up their passports or their green cards in the third quarter of 2016, the second-highest quarterly number on record, according to Treasury Department statistics published in the Federal Register.

The record number of 1,426 was seen in the third quarter of last year. Just 508 citizens had relinquished their passports or green cards in the second quarter of this year, also comparable with the second quarter total in 2015 of 460.

So far this year, the Treasury has said 3,046 taxpayers have relinquished their citizenship – just below the 3,221 that did so in the first three quarters of 2015, and the 3,415 relinquished in all of 2014.

The acceleration in the number of individuals giving up their citizenship, particularly since 2013, has coincided with increased actions by Treasury and Internal Revenue Service to trace American undeclared assets and income held abroad, particularly by enforcing the Foreign Account Tax Compliance Act (FATCA) and the requirement to file a Report of Foreign Bank and Financial Accounts.

According to representative bodies, Americans living abroad are becoming increasingly aware of their US tax reporting obligations. In particular, US citizens are finding it increasingly more difficult to bank in foreign territories as a result of FATCA.

Treasury is required by statute to publish a quarterly list including the name of each individual who has lost or renounced US citizenship during the period. For the purposes of this listing, long-term residents or green card holders are treated as if they were citizens of the US who lost citizenship.

TAGS: individuals | expatriates | compliance | Foreign Account Tax Compliance Act (FATCA) | tax | tax compliance | FATCA | United States | Compliance | Expats | Visas and Passports | Tax

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