Monday, May 8, 2017

Is it Time to Expatriate? Your Neighbors Are.

The Treasury Department published the names of individuals who renounced their U.S. citizenship or terminated their long-term U.S. residency “Expatriated” during the fourth quarter of 2016.
 
  • The number of published expatriates for the quarter was 2,365, bringing the total number of published expatriates in 2016 to 5,411.   
  • The number of expatriates for 2016 is a 26% increase over 2015 and a 58% increase over 2014 (3,415).  
 
On April 8, 2015, we posted Is it Time to Expatriate, where we discussed that the 2014 list of US expatriates’ shows an increase in the number of Americans who are renouncing their US citizenship or turning in their green card. We also discussed that the escalation of offshore penalties over the last 20 years is likely contributing to the increased incidence of expatriation.

2016 q4 annualThe graph to the left is based solely on IRS data and shows the number of published expatriates per year since 1998.

The connection between the list of expatriates and the IRS implies a link to tax policy.

The U.S. is one of a very small number of countries that tax based on nationality, not residency, leaving Americans living abroad to face double taxation.

The escalation of offshore penalties over the last 20 years is likely contributing to the increased incidence of expatriation.


 Should I Stay or Should I Go?
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Need Advise on Expatriation ... 
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Contact the Tax Lawyers of
Marini & Associates, P.A.
 
for a FREE Tax Consultation
Toll Free at 888-8TaxAid ((888) 882-9243)




 

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