Record number gave up U.S. citizenship or long-term residency in 2014

[Janelle2002 3,865]

A record 3,415 individuals renounced their U.S. citizenship or long-term residency in 2014, according to a list released by the Treasury Department on Tuesday.

The 2014 number was up 14% from 2,999 individuals in 2013, which was also a record.

“Many Americans abroad are finding that retaining their ties is not worth the cost and hassle of complying with the U.S. tax laws,” says Andrew Mitchel, a lawyer in Centerbrook, Conn., who tallies the lists of names released quarterly by the Treasury Department.

He links the growing number of renunciations by U.S. citizens and permanent residents to a five-year enforcement campaign against U.S. taxpayers who have undeclared offshore accounts.

The campaign began after Swiss banking giant UBS admitted in 2009 that it had systematically encouraged U.S. taxpayers to hide assets in secret Swiss accounts. Since then, more than 45,000 U.S. taxpayers have confessed to hiding money abroad and paid more than 6.5 billion in taxes, interest, and penalties.

But the campaign also complicated the financial lives of an estimated 7.6 million American citizens living abroad, leading growing numbers of them to give up their U.S. ties. By contrast, over the five years through 2008, fewer than 500 individuals a year on average renounced their citizenship or long-term residency.

http://finance.yahoo.com/news/record-number-gave-up-u-s--citizenship-or-long-term-residency-in-2014-183139878.html

7.6 million people realized the U.S.'s policies suck and most of our politicians are hypocrites.

[I AM NOT THAT GUY 5,715]

They mad the Republicans won and now they are leaving. Bad form.

[Janelle2002 3,865]

They mad the Republicans won and now they are leaving. Bad form.

But Canada invited democrats and Americans to their country when Bush got elected. I wish I had capitalized on the offer.

[ready4ONE 5,400]

At this rate it will take 2,225 years for all of the US Citizens abroad to renounce their citizenship. Thanks Obama!

[Janelle2002 3,865]

At this rate it will take 2,225 years for all of the US Citizens abroad to renounce their citizenship. Thanks Obama!

Or all of the world will be Americans. Thanks Obama

[Dakine10 5,452]

But Canada invited democrats and Americans to their country when Bush got elected. I wish I had capitalized on the offer.

Just to be clear - Canada didn't invite anyone. An internet base touring company based in Canada invited Americans to come to Canada.

There is no provision in Canadian law for someone to just move there. The requirements for immigration are set by law. It's easier to immigrate to Canada than to the USA, but no one in any official capacity ever made a suggestion that anyone would be able to circumvent immigration law.

[Janelle2002 3,865]

Just to be clear - Canada didn't invite anyone. An internet base touring company based in Canada invited Americans to come to Canada.

There is no provision in Canadian law for someone to just move there. The requirements for immigration are set by law. It's easier to immigrate to Canada than to the USA, but no one in any official capacity ever made a suggestion that anyone would be able to circumvent immigration law.

You are clear. And no one said you can just move there. I don't think Canada let's anyone cross their border on a daily basis with no visa no nothing like we do our south border.