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29 Sep, 2013

BBC News – Americans giving up citizenship to flee the taxman

Goodbye, US passport.

That’s not a concept that Americans contemplate lightly. But it’s one that many of them seem to be considering – and acting on.

The number of expatriates renouncing their US citizenship surged in the second quarter of 2013, compared with the same period the year before – 1,131 cases to 189 in 2012. It’s still a small proportion of the estimated six million Americans abroad, but it’s a significant rise.

The list is compiled by the Federal Register and while no reasons are given, the big looming factor seems to be tax.

Read the rest: BBC News – Why are Americans giving up their citizenship?.