ExpatBriefing: Jump In US Expats Renouncing Citizenship
By by Mike Godfrey, Tax-News.com, Washington 04 August, 2017
According to Treasury Department statistics, the number of taxpayers renouncing their US citizenship in the second quarter of 2017 hit 1,759 – the second highest on record.
The numbers of taxpayers renouncing their US citizenship grew by over a third (34 percent) from the previous quarter. The current record quarter – the fourth quarter of 2016 – saw 2,365 US citizens renounce their passports or green cards.
The total figure for the first half of 2017 (3,072) has already exceeded the total for 2013 (2,999).
The number of expatriations from the US has been on an upwards trajectory since 2013 in large part due to increased awareness of, and an increase in the number of reporting obligations on non-resident persons.
For instance, the introduction of the Foreign Account Tax Compliance Act (FATCA) in 2010 required foreign financial institutions to report information on assets held by US citizens overseas. This is in addition to the existing obligation for all US citizens to declare foreign accounts with an aggregate balance of over USD10,000.
Tags: Individuals | Expatriates | Foreign Account Tax Compliance Act (FATCA) | Tax | FATCA | Internal Revenue Service (IRS) | United States | Compliance | Expats | Tax |
How Empathy In The Workplace Boosts Employee Wellbeing And Productivity
Workplaces are changing rapidly to meet new challenges and new ways of working. Nyenrode Business University explains ho... Read more
What The End Of The Partial Non-resident Tax Liability Means For You
Since the start of 2025, those receiving the 30% ruling can no longer declare themselves as partial non-residents of the... Read more
3 Things Every Expat Should Know About Giving Birth In The Netherlands
Navigating pregnancy and childbirth in a new country can feel overwhelming, especially when the systems and cultural pra... Read more
Starting A Business In The Netherlands: 30% Ruling And Tax Structures
Starting your own business or going freelance in the Netherlands means thinking about tax. Different tax structures will... Read more
How The Dutch Housing Market Is Helping First-time Buyers
The government has been taking a number of steps to help youngsters get a foot on the housing ladder, and now it seems t... Read more
Tax Season Has Started: All You Need To Know About Your Tax Return
In this article, Erik Jan Peffer from Taxt explains important information about your Dutch tax return, and all the infor... Read more