Americans Are Choosing To Leave

At least 1,800 people renounced U.S. citizenship or gave up their green cards in the first half of 2013. In the second quarter alone, there were over 1,130 renunciations according to government data --  2012 only recorded 932. 1,781 Americans renounced citizenship in 2011; up 16% from 2010 (1,534) and is nearly eight times the number who expatriated in 2006, according to the U.S. Treasury.

There are many reasons why Americans are choosing to leave. First there is the Foreign Account Tax Compliance Act that was approved by Congress in 2010. This is making it harder for expats to file taxes. Expats are required to pay taxes even if they do not live in America. To avoid all this paperwork there are several expats choosing to denounce citizenship. FATCA also makes Americans and foreign banks disclose personal financial information with the IRS ( Allegedly to catch tax cheats). Then there are the Americans leaving over Obama, Obamacare. The Americans who no longer feel safe or free.  The Americans who don't want every email read, every phone-call tapped or be under constant surveillance. Here are a few things to keep in mind: There is a hefty exit tax applied for Americans who have assets over $2 million; and even your heirs could be responsible for any taxes on inherited assets, if they remain U.S. citizens.  If you are planning on leaving the country don't make it a hasty decision, learn the language and find out as much s you can about the Government and their culture. Research the costs of schooling, healthcare,  food, clothing, housing and utilities. Look for jobs and keep in mind other countries often do not pay as well.