With the advent of FATCA in 2010 and its onerous tax-related requirements, many US citizens living abroad have opted to expatriate and renounce their US citizenship.
According to research performed by international tax lawyer Andrew Mitchell, the growth in expatriation has been astounding since he first started collecting statistics in 2008.
Taking into account data released for the first quarter of 2016, Mitchell writes that “new records were set for the number of expatriates” with close to 3,000 in 2013, 3,415 in 2014 and 4,279 in 2015.
Furthermore, as quoted in a The Washington Post June 1st article, Mitchell’s research shows that “in the first quarter of this year, 1,158 people expatriated — more than 10 times the number in the first quarter of 2008.”
Read entire story at https://taxlinked.net/blog/september-2016/renouncing-us-citizenship-why-how
By Mateo Jarrin Cuvi