John D. Teter Law Offices

REQUEST A CONSULTATION TODAY

408-866-1810

1361 South Winchester Boulevard, Suite 113
San Jose, CA 95128

Recent Blog Posts

Tax Hikes Encouraging Americans Abroad to Renounce Citizenship

 Posted on August 21, 2013 in Taxation Law

There has been a significant increase in the number of American citizens living abroad who have decided to give up their passports. That significant increase is being linked to a change in tax laws that is forcing many persons living abroad to wonder whether it is really worth holding onto their US citizenship any longer.

The United States currently is the only country to continue taxing citizens no matter where they live around the world. Now, a new tax hike looms and the hike will employ stricter assets disclosure laws under the Foreign Accounts Tax Compliance Act. Many Americans currently living abroad will feel the impact of these laws.

According to estimates, in the three months through June of this year, as many as 1,131 American citizens living abroad renounced their citizenships, and turned over their passports at embassies around the world. During the same period of time in 2012, there had been just 189 people who renounced citizenship. During the first six months of 2013, as many as 1,810 American expatriates decided to hand over their passports. That was a six-fold increase, and those numbers definitely merit attention.

Continue Reading ››

BBB ABA State bar of california SCCBA MH 2016
Back to Top