A record 3,415 Americans ditch their passports - Feb. 12, 2015:
"Goodbye, sayonara, ciao, Uncle Sam!
The number of Americans choosing to give up their passports hit a record 3,415 last year, up 14% from 2013, and 15 times more than in 2008, when only 231 people renounced their citizenship.
Experts say the recent surge is coming from expats who no longer want to deal with complicated tax paperwork, a burden that has only gotten worse in recent years.
Unlike most countries, the U.S. taxes all citizens on income, no matter where it is earned or where they live. The mountain of paperwork can be so complicated that expats are often forced to fork over high fees to hire an accountant -- some say they pay as much as $1,000.
Related: Giving up your U.S. passport? It's going to cost you" Read more:
http://money.cnn.com/2015/02/12/pf/americans-expat-citizenship-passports/index.html?iid=EL
'via Blog this'
"Goodbye, sayonara, ciao, Uncle Sam!
The number of Americans choosing to give up their passports hit a record 3,415 last year, up 14% from 2013, and 15 times more than in 2008, when only 231 people renounced their citizenship.
Experts say the recent surge is coming from expats who no longer want to deal with complicated tax paperwork, a burden that has only gotten worse in recent years.
Unlike most countries, the U.S. taxes all citizens on income, no matter where it is earned or where they live. The mountain of paperwork can be so complicated that expats are often forced to fork over high fees to hire an accountant -- some say they pay as much as $1,000.
Related: Giving up your U.S. passport? It's going to cost you" Read more:
http://money.cnn.com/2015/02/12/pf/americans-expat-citizenship-passports/index.html?iid=EL
'via Blog this'
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