According
to Internal Revenue Service (IRS) figures, at least 1,800 Americans renounced
their USA citizenship in 2011, an all-time record at eight times the 2008
number.
The USA's worldwide taxation system, including the Foreign Bank and
Financial Accounts (FBAR) and now the Foreign Accounts Tax Compliance Act
(FATCA) regimes, is to blame, according to lobby group American Citizens
Abroad.
The State Department said records it keeps
differ from those published by the IRS. They indicate that renunciations have
remained steady, at about 1,100 each year, said an official.
The decision by the IRS to publish the names
is referred to by lawyers as 'name and shame.' That's because those who renounce
are seen as willing to give up their citizenship primarily for financial
reasons.
There's also an 'exit tax' for the very rich
who choose to leave. During the last 25 years, a number of millionaires and
billionaires have renounced their citizenship. Among them: Ted Arison, the late
founder of Carnival Cruises, and Michael Dingman, a former Ford Motor Co.
director.
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