FATCA spurs U.S. expats to consider dropping citizenship

Almost three quarters of Americans who live outside the U.S. are tempted to give up their U.S. passports in response to the introduction of FATCA, reveals a deVere Group survey.

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The findings come as Federal Register data shows that the number of Americans renouncing U.S. citizenship increased by 39% in the three months to September after the new global tax law came into force.

The poll asked more than 400 American expatriates: ‘Would you consider voluntarily relinquishing your U.S. citizenship due to the impact of FATCA?’

Cumulatively, 73% answered they had ‘actively considered it’, ‘are thinking about it,’ or ‘have explored the options of it.’

Sixteen percent said they would not consider relinquishing their U.S. citizenship and 11% did not know.

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Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.