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ARTICLE · 18 NOVEMBER 2016

What Dual Citizens Should Know Before Renouncing Their United States Citizenship

Blaney McMurtry LLP
Blaney McMurtry LLP
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The number of dual citizens who renounce their United States citizenship has risen almost every year since the enactment of the Foreign Account Tax Compliance Act ("FATCA") on March 18, 2010.

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Original Newsletter(s) this article was published in: Blaneys on Immigration: November 2016

Introduction

The number of dual citizens who renounce their United States citizenship has risen almost every year since the enactment of the Foreign Account Tax Compliance Act ("FATCA") on March 18, 2010.  FATCA requires foreign financial institutions to report on the non-U.S. financial accounts of United States citizens; this allows the Internal Revenue Service ("IRS") to identify U.S. citizens who have not reported their overseas assets. 

In 2010, the number of U.S. citizenship renunciations was 1,534; in 2015, it rose to 4,279.  This number has continued to rise despite the increased fee for renunciation of United States citizenship (from $450.00 USD to $2,350.00 USD), which the U.S. Department of State ("DOS") imposed on September 12, 2014 (the official notice erroneously stated that the higher fee would apply on September 6, 2014).  Obviously, not all of

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