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(Bloomberg) Rich Americans renouncing U.S. citizenship rose sevenfold since UBS AG (UBSN) whistle-blower Bradley Birkenfeld triggered a crackdown on tax evasion four years ago.
About 1,780 expatriates gave up their nationality at U.S. embassies last year, up from 235 in 2008, according to Andy Sundberg, secretary of Genevas Overseas American Academy, citing figures from the governments Federal Register. The embassy in Bern, the Swiss capital, redeployed staff to clear a backlog as Americans queued to relinquish their passports.
The U.S., the only nation in the Organization for Economic Cooperation and Development that taxes citizens wherever they reside, is searching for tax cheats in offshore centers, including Switzerland, as the government tries to curb the budget deficit. Shunned by Swiss and German banks and facing tougher asset-disclosure rules under the Foreign Account Tax Compliance Act, more of the estimated 6 million Americans living overseas are weighing the cost of holding a U.S. passport.
It started with the fallout from UBS and non-U.S. banks feeling its too risky to deal with Americans abroad, said Matthew Ledvina, a U.S. tax lawyer at Anaford AG in Zurich. It will increase because Fatca will require banks to track down people, some of whom will make voluntary disclosures before renouncing their citizenship. ..................(more)
The complete piece is at: http://www.bloomberg.com/news/2012-05-01/wealthy-americans-queue-to-give-up-passports-in-swiss-capital.html
xchrom
(108,903 posts)hobbit709
(41,694 posts)"America, love it or leave it" Now we see who has the guts to stick it out
sinkingfeeling
(51,453 posts)the very rich individual or a corporation.
Response to marmar (Original post)
Leftist Agitator This message was self-deleted by its author.
kentuck
(111,089 posts)"Does the flag follow the dollar or does the dollar follow the flag?"
I think maybe the dollar follows the dollar?
Odin2005
(53,521 posts)They play countries against each other in order to screw the worker.