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Expatriates Opt to Renounce US Citizenship to Avoid Paying Taxes

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  • Expatriates Opt to Renounce US Citizenship to Avoid Paying Taxes

    Credit to : Tax Avoidance News : Expatriates Opt to Renounce US Citizenship to Avoid Paying Taxes

    An increasing number of Americans renounced their citizenship and cut-off long term residencies during the initial three months of 2015 due to a crackdown in the foreign tax rules. The exit wave went down a little in the second half, but has continued.

    The Internal Revenue Service and Treasury Department have started to enforce tax rules for the expatriate American citizens. Although the law was in force from the 1970s, such a crackdown related to the Foreign Bank Account Report is unprecedented. According to the law, American taxpayers must file taxes in case they possess one or multiple foreign accounts, which together stumps up in excess of $10,000 in a year. Andrew Mitchel, a specialist in ****yzing complex data obtained from the Treasury Department, said that a number of individuals are caught in the net of US tax filings, prompting them to renounce their citizenship.
    Your thoughts guys?

  • #2
    Minimising your tax liability is a sound thing to do. However, it is also the domain of professionals.I would like to recommend you to hire the services of a top quality Tax Lawyers. However, if you are making serious money, you will have to pay some tax. More than if you were not. Which is kind of how it works.

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