According to a BBC report, US Treasury figures show 4,279 individuals renounced their US citizenship or long-term residency in 2015, an increase of 20% over 2014. In 2010, the figure was 1,006. Although reasons for giving up citizenship are not officially recorded, the report suggests the burden of complying with FATCA is one of the main factors for Americans resident abroad. Some foreign banks are turning away US citizens, rather than run the risk of penalties for failing to comply fully with the requirements under FATCA to identify and report details of accounts to the US authorities.
According to a BBC report, US Treasury figures show 4,279 individuals renounced their US citizenship or long-term residency in 2015, an increase of 20% over 2014. In 2010, the figure was 1,006. Although reasons for giving up citizenship are not officially recorded, the report suggests the burden of complying with FATCA is one of the main factors for Americans resident abroad. Some foreign banks are turning away US citizens, rather than run the risk of penalties for failing to comply fully with the requirements under FATCA to identify and report details of accounts to the US authorities.
