Why a record number of wealthy Americans are renouncing U.S. citizenship

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[catarinav]

U.S. Citizenship is like an abusive relationship.

[mathisnotforthefaintofheart]

Not only very rich US people are renouncing their US citizenship. Lot's of ordinary Americans permanently living abroad (and acquired a new citizenship from their host nation) are doing the same thing. And they don't even have to pay this "exist" tax...This US tax law that taxes US citizens wherever they live on their world wide income is one of the dumbest laws I have ever seen. No wonder no other industrialized nation has such a law

[KevZen]

Why would you stay in the United States, if you don't have to? It's getting far worse, and there's very little incentive to stay.

[alanhaenni]

It's not the money, it's that the various and complex reporting requirements that make life difficult for the American citizens. Paying US tax is the least of the problems.

[christheswiss]

Trust me - renouncing US citizenship is NOT just about money. The exit taxes levied by the US government are just outright punitive and pathetic for such a rich and supposedly "free" country!

[jish]

Is this really a question? Many countries offer better quality of living and a better livelihood for its citizens then the US does. Higher taxes also means more programs that benefit the people, and because every 1st world country is free, means that people aren't losing their "freedoms" migrating over there.

[TheSnugglery]

This piece was more about how people renouncing citizenship makes the reporter feel than about the reasons why Americans living abroad find themselves having to reluctantly give up their citizenship just because the country has some of the heaviest and most far reaching financial regulations on its citizens than anywhere else in the world. People don't want to pay thousands of dollars and risk never being able to visit their family again unless they have very good reasons...let's report on that.

[redwine]

when they drop American citizenship, I'd say they are serious

[finnskywalker]

Regular Americans who live overseas don’t get their vote counted, have no representation in Congress, pay taxes to whichever country they live in AND to the US (double taxed), and run into increasing difficulty even opening bank accounts because local banks are mandated to file a heap of extra paperwork for the US government so would rather pass up business from Americans than have to sort out the paperwork nightmare... This trend has been going on for over a decade, and it’s actually affecting regular Americans more than the super rich. The super rich could probably hire someone to sort out the regulatory paperwork headache...
If you had to regularly pay double tax with no legislative representation, it’s not so much you leaving the country as the country leaving you.

[donmurph]

I am a US citizen living in Australia. US is the only country in the world other than North Korea that requires double taxation on its citizens living abroad.

[Shaddowkhan]

I was born in America, never lived a day in America. The country I live in will not let me invest solely on this basis. If it wasn't so expensive I'd renounce it as well.

[Wulfcry]

Best tax avoidance, renounce citizenship.

[anonymousjoker]

The rich get their money from America...dine and dash.

[mohamedali]

America and Eritrea are the only two Countries in the World that have none residency taxation. Don't over tax people who are not living in America. Wasn't taxation without representation the reason why we fought the British empire?

[BEERLIGHTBROKER]

U.S. citizenship is a contract. You are entered into such contract when you are born. SSN. Ironically the contract is not a legal one because one is a minor. The hospitals are complecit is entering people into such a contract. U.S Citizen does not mean what you think it does.

[realfrantheman]

It's not just about avoiding taxes for millionaires. The US taxes you on anything over 100k. Which isn't hard in the nordic countries and Switzerland. Therefor being double taxed. It makes no sense to keep it.

[TheMjoDoj]

In the rest of the world, especially Asia where I visit regularly, there's a sense that society is rushing to leave the past behind for a brighter future. Everyone is looking forward. In the US there is a sense that everyone is desperately trying to hold onto the past. It seems those who find themselves comfortable in another country don't mind leaving the past behind. Both metaphorically and physically.

[nicolaspugh]

Yup. I'm a Physician and I'm going to GTFO of America

[TheJohn_River]

Because they know the dark winter’s coming

[aprilfountain]

I'm next. No US citizen wants to give 15-50% of their income to State, Federal, or local taxes. To many imposed taxes, financial obligations to heavy. Especially the ones who can barely take care of their own family. So sad for people have to relinquish to get some type of relief. More and more people I know are doing this now. I mean thats their right. I talk to more and more people everyday that says they are relinquishing their documents too or authenticating to get ready to move out the USA. If The US don't be careful they will bankrupt probable already have.