Forbes : Renouncing U.S. Citizenship For Americans Abroad
Forbes recently mentioned Greenback US Expat Survey 2022 in an article discussing renouncing US citizenship for Americans living abroad.
Being American, unwittingly or not, comes with strings attached. Americans must report their global income to the IRS regardless of where they live. The United States is one of only two countries in the world with a citizenship-based taxation system rather than a residence-based one.
A survey by Greenback Expat Tax Services shows that one in four expats are “seriously considering” or “planning” to renounce their U.S. citizenship. The burden of U.S. tax filing is the top reason for this.
Of the 3,200 expats in 121 countries surveyed, 86% feel that their issues are less likely to be addressed by the U.S. government than those of stateside Americans.
They aren’t alone in their thinking. American Citizens Abroad, for instance, advocates for taxation, compliance (specifically, “Simplification of US tax compliance for US citizens abroad”), and representation.
The Association of Americans Resident Overseas targets FATCA directly, citing “Advocating changes to FATCA to reduce the administrative burdens it imposes on Americans abroad” as one of its main goals.
