Tags: IRS | Travel | American expatriates | renouncing citizenship

Study: Americans Have Considered Expatriating, Renouncing Citizenship

By    |   Wednesday, 01 Jul 2015 02:14 PM

Thirty-five percent of American-born residents and emigrants would consider expatriating to another nation, CNBC reports, citing the results of an online survey by TransferWire, a British-based money transfer service.

The figures were more startling for millennials — 55 percent. Forty-eight percent of millennial women and 38 percent of millennial men surveyed said a higher salary would influence their relocation decision. Millennials are generally considered people born between the early 1980s and the early 2000s.

Despite the results, just .001 percent of Americans — or 3,415 people — actually went so far as to renounce their citizenship in 2014, according to CNBC. That's a 14 percent jump from the previous year.

The most compelling reason cited by survey participants for remaining in the U.S. was that "it is home" (59 percent); followed by romantic and family ties (58 percent); Democratic society (22 percent); culture (17 percent); job prospects (15 percent); good future for children (10 percent); affordable housing (5 percent); wealth (5 percent); low crime rate (3 percent); and low taxes (2 percent).

Last year, The Wall Street Journal reported that anger over IRS reporting requirements was partially responsible for record numbers of Americans living overseas renouncing their U.S. citizenship.

In 2013, 2,999 Americans did do so, according to the June 2014 Journal piece. Until the 2014 totals, the 2013 numbers were the highest since the government began disclosing the data, a lawyer who analyzes the Treasury Department data told the newspaper.

A 2009 government campaign to fund undeclared accounts and collect taxes, interest and penalties resulted in a more than $6 billion payday from some 43,000 U.S. taxpayers.

"Federal prosecutors have filed more than 100 criminal indictments, including the high-profile case of Beanie Babies inventor Ty Warner, who (in 2013) pleaded guilty to tax evasion involving secret Swiss bank accounts," the Journal reported.

Since 2010, the recorded numbers of people who expatriate each year has been on the rise, according to CNBC, which notes that in the first quarter of 2015 1,336 Americans renounced their citizenship, a figure that represents a record high.

Until 2010, the network reports, the number of annual expatriates was "well below 1,000."

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Thirty-five percent of American-born residents and emigrants would consider expatriating to another nation, CNBC reports, citing the results of an online survey by TransferWire, a British-based money transfer service.
American expatriates, renouncing citizenship
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2015-14-01
Wednesday, 01 Jul 2015 02:14 PM
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