Tags: US | considering | citizenship | renouncement

Poll: 68 Percent of deVere Group US Clients Considering Citizenship Renouncement

By    |   Friday, 29 Nov 2013 01:26 PM

Global financial advisory firm deVere Group found in a poll of more than 400 of its U.S. expatriate clients that 68 percent of them have considered renouncing their U.S. citizenship.

The considerations come in response to the Foreign Account Tax Compliance Act (FATCA), which strengthens the requirements for U.S. citizens to report their foreign investment holdings to the IRS.

The idea is to prevent tax evasion, and FATCA increases taxpayer reporting obligations.

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DeVere Group CEO Nigel Green says he's not surprised by the 68 percent figure in the September-October poll.

"More and more of our internationally-based American clients are now telling us, usually with a heavy heart, that they would be tempted to give-up their U.S. citizenship to avoid what they feel is the unfair, complex and oppressive burden of FATCA," Green said in a statement.

"FATCA is a huge imposition on ordinary Americans who happen to live and/or work outside the U.S. and will involve significantly more expensive and laborious reporting requirements."

Green expects the number of Americans who will consider renouncing their citizenship to rise as the July 1, 2014 start-up of FATCA approaches.

The number of Americans renouncing their citizenship and foreigners renouncing their green cards already has hit a record high for the year amid concern about tighter enforcement of tax laws.

As of earlier this month, the total was 2,369, according to Andrew Mitchel, a tax lawyer in Centerbrook, Conn., The Wall Street Journal reports. That figure already beats the 1,781 for 2011, by 33 percent.

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Global financial advisory firm deVere Group found in a poll of more than 400 of its U.S. expatriate clients that 68 percent of them have considered renouncing their U.S. citizenship.
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2013-26-29
Friday, 29 Nov 2013 01:26 PM
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