Americans Reach New Heights In Expatriation

Americans Living Abroad Set Record For Giving Up Citizenship

 

 

 

” More Americans living outside the U.S. gave up their citizenship in the first quarter of 2015 than ever before, according to data released Thursday by the IRS.

  The 1,335 expatriations topped the previous record by 18 percent, according to data compiled by Bloomberg. Those Americans are driven to turn in their passports in part because of laws that have expanded bank reporting and tax compliance requirements for expatriates.

  The increase in early 2015 follows an annual record in 2014, when 3,415 Americans gave up their citizenship.

  An estimated 6 million U.S. citizens are living abroad, and the U.S. is the only country within the Organization for Economic Cooperation and Development that taxes citizens wherever they reside.”

 

Read more

 

 

 

 

 

 

 

 

 

 

 

—

Surge In US Residents Renouncing Citizenship Continues

Many Americans Renounce Citizenship, Hitting New Record

 

 

 

” It may seem like a drop in the bucket, especially when droves want to immigrate to America. Still, the newly published names of individuals who renounced their U.S. citizenship or terminated long-term U.S. residency is up, with 576 for the quarter and 1,577 so far this year. The growing trend is a sad one as Record Numbers of Americans Are Renouncing Their U.S. Citizenship.

  For all the immigrant arrivals, the trickle the other direction is becoming more pronounced. The tally was 2,999 for all of 2013, a 221% increase over the 932 who left in 2012. The Treasury Department is required to publish a quarterly list, a kind of public outing putting Americans on notice of who relinquished their rights. Consular expatriations, where people don’t file exit tax forms with the IRS, are apparently not counted.

  Indeed, the Treasury Department’s published list states explicitly this is just those about whom the Secretary of the Treasury has data. It means these numbers are under-stated, some say considerably. Although tax law used to impact how one is taxed on departing the U.S., is no longer relevant why someone expatriates.”

 

Forbes has more

 

 

 

 

 

 

 

 

—

For Some Americans , Belize Is Calling

DISENCHANTED AMERICANS START LIFE OVER IN TROPICAL BELIZE

” “Not everyone believes this country is moving in the right direction.  Staring down a future of increased tax burdens and shifting cultural values, you can keep chasing the old dream, or you can literally live on a beachfront property in a tropical setting with your own staff for $2,000 a month.”  That’s the offer of Orange County Real Estate Company, BuyBelize.com, according to President, Bill Bannon.

“We’re seeing increased demand for our premium properties in Belize.  When people come out and see first hand that they can afford a lifestyle they never thought possible in the U.S., the word starts to spread.”

Perhaps the strongest motivator for the new stream of Belizean converts is the favorable tax climate. BuyBelize.com reports, “A key consideration for a direct investment or development opportunity in Belize is the country’s tax climate. Belize has long been regarded as one of the T-7 Tax Havens and it is for this very reason that it is such an attractive option for investors. With the US in economic downturn many investors are looking to internationalize their finances and their portfolios for both tax and asset protection reasons. Belize offers a legitimate path to investors seeking to cover both of these bases.” “

—