Almost 80 percent of Americans living abroad are considering relinquishing their U.S. citizenship to escape the consequences of the Foreign Account Tax Compliance Act, according to deVere Group. That represents an increase of 11 points since last year.
The Foreign Account Tax Compliance Act, or FATCA, requires U.S. taxpayers to report certain foreign financial accounts and offshore assets, and requires foreign banks to disclose information on accounts held by U.S. taxpayers. It was passed as part of the Hiring Incentives to Restore Employment Act in March 2010, and took effect July 1.
In a survey released this week of over 400 American expat clients, deVere Group found 79 percent of respondents said they had "actively considered," were "thinking about," or had "explored the options of" renouncing U.S. citizenship.
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