A Record Number of Americans Are Renouncing Their Citizenship
This article is for subscribers only.
The number of Americans renouncing U.S. citizenship increased 37 percent in the three months through December and the annual total reached a record level, data published Tuesday showed.
The trend likely is accelerating because of a 2010 law that gives the Internal Revenue Service unprecedented access to U.S. citizens’ foreign bank accounts, said Stephen Flott, an attorney at Flott & Co. P.C. in Arlington, Virginia, whose clients include expatriates. The U.S. is the only country within the Organization for Economic Cooperation and Development that taxes citizens wherever they reside.