Saturday, August 17, 2013

Renunciation of Citizenship (8/17/13)

Renunciation of citizenship has been much in the news recently, as the periodic reports indicate that record numbers of citizens are renouncing.  For readers interested in this subject, I recommend this timely and good article Lacey E. Strachan, Tax Consequences Resulting From Renouncing U. S. Citizenship (Tax Controversy (Civil and Criminal) Report 8/9/13)), here.  This article is on a blog sponsored by the law firm of Hochman, Salkin, Rettig, Toscher & Perez, P.C, here, which has a strong team in tax controversy matters, including specifically offshore account civil and criminal representation.  Ms. Strachan's bio page is here.  Readers might also want to review the firm's publications web site, here.

1 comment:

  1. Thanks for this Jack. I am not one of those renouncing, but certainly interested in this developing trend which is in direct response to FATCA and the current administration offshore enforcement policies, imho... FATCA combined with Citizenship taxation is making a toxic blend for Americans or "U.S. Persons" living abroad.

    You mention periodic reports, and I assume you have seen these recent ones....

    Sharp Rise in Americans Giving Up Citizenship | @pritheworld

    Number of Americans Renouncing Citizenship Surges @WSJ

    Overseas Americans: Time to Say 'Bye' to Uncle Sam? @WSJ

    Why are so many American expats giving up citizenship? It’s a taxing issue

    Exposed: IRS Is Colluding With Banks To Unfairly Target U.S. Citizens Abroad -

    and then, Eric who continues to do good work with the alternate FBI list.....

    .....which is generally much higher than the IRS lists, shows yet again while the IRS "Name and Shame" list is really inadequate to the task of showing the larger trend or identifying the average profile of those abandoning the U.S. Citizenship club.

    This just posted: South Korean foreign ministry: 1,991 of our citizens gave up U.S. citizenship or green cards last year

    Eric points out that only 63 names of Korean origin showed up on IRS lists last year, and yet South Korea report 1991 total.

    There is a bigger trend happening then the limited reporting in American media would indicate, or so it would seem.


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