Monday, July 19, 2010

More Americans Are Forfeiting Citizenship to Escape U.S. Taxes

According to the Financial Times, a significant number of Americans living outside the country are renouncing their US citizenship to avoid paying taxes on their worldwide income and gains.

As many as 743 American expatriates made the irreversible decision to discard their passports last year, according to the US government – three times as many as in 2008.

The trend was particularly noticeable in the UK, where 190,000 Americans live and work. There is a waiting list at the embassy in London for people looking to give up citizenship, with the earliest appointments in February, lawyers and accountants say.

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