ARTICLE · 17 FEBRUARY 2015

A Record Number Of Americans Renounced Citizenship In 2014

MNP LLP

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In a report just released by the U.S. Treasury, 3,415 Americans renounced their citizenship last year. This number is up from 2,999 in 2013, which was itself a record.

CanadaTax

Kevyn Nightingale

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In a report just released by the U.S. Treasury, 3,415 Americans renounced their citizenship last year. This number is up from 2,999 in 2013, which was itself a record.

One major motivation regularly cited for the increase is the cost and aggravation of complying with U.S. tax and banking rules while living abroad.

Unlike citizens of any other advanced nation, Americans are subject to U.S. tax on their worldwide incomes, no matter where they live.

It is believed that the vast majority of people expatriating are residents of relatively high-tax countries, such as Canada, Japan, Australia and those in Western Europe. Canada has the greatest number of Americans living abroad of any nation on earth, so a disproportionate number likely were residents of Canada.

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