More Americans expatriating in 2015
In February we told you about the record-breaking number of US citizens giving up their citizenship. New statistics published by the IRS show yet another increase on the previously published numbers, with the first quarter of 2015 having yielded nearly 1500 citizens who expatriated – almost half the total number of those who expatriated during the whole of 2014.
For some, parting with their US passport is like losing a limb. For other US citizens, who live and pay taxes in another country of residence, the prospect of paying the US as well can be even more daunting than giving up their birthright.
This can be (and often is) a heated discussion between people living in the US waving the patriotic flag and those patriots not living in the US, who are affected by excessively high compliance costs and fines for incorrect filing of the many international tax forms required by the US.
If you are an American living abroad and need advice with the often very complicated US tax returns, contact us for help.