Americans are giving up their Passports and Green Cards
In 2012 Facebook cofounder Eduardo Saverin gave up his US citizenship (known as Expatriation) and now resides here in Singapore. Since then, more attention has been paid to the Federal Register of Americans who give up their citizenship. In 2013, about 3,000 Americans handed back their U.S. passports or green cards to end their citizenship or long-term residency. This is well in excess of the previous high of 1,781 in 2011. Fatca Tax Singapore
The media tells us that the main reason for the spike in Expatriation is the increasing burden of tax compliance and the fear of large penalties for non-compliance. Added to this, we now have FATCA or the Foreign Account TaxCompliance Act, which forces financial institutions worldwide to report the bank accounts and certain financial interests of U.S. tax payers to the Internal Revenue Service.
Seems like all Americans living abroad need to find a good tax accountant. I am told that there are many charlatans about so caveat emptor…
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