Rise In The Number of Americans Renouncing their Citizenship
The Mornings with Maria panel discusses what is causing the rise in the number of Americans giving up their citizenship.
The sharp increase in renunciations is due to FATCA. The legislation that makes it impossible to open bank accounts in other countries for Americans. FATCA was passed as a means to stop money laundering and other criminal behavior, but it is being used to target lawful expats. With increased targeting of expats by the IRS, expats have no choice but to give up their US citizenship. It's a shame, really, The USA is so broke that it is chasing after every last dollar that they can fleece.
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Posted by Nicole Bourbaki