About 1 out of 4 U.S. expats are "seriously considering" or "planning" to renounce their U.S. citizenship, the Internal Revenue Service's press office for expatriates said June 17, CNBC reported.
According to a survey of 3,200 U.S. expats living in 121 countries, the burden of paying taxes in the U.S. is the main reason expats want to renounce their citizenship.
"What struck me about this latest poll is the number of people who think their problems are less likely to be solved than people who live in the U.S.," commented David McKeegan, co-founder of Greenback Expat Tax Services. Indeed, 86 percent of those surveyed believe the U.S. government is less likely to solve their problems than are U.S. citizens, the survey found.
In addition, the reason is that some Americans must report foreign accounts annually to the U.S. Treasury Department through the Foreign Bank and Financial Accounts Report (FBAR), or face stiff penalties. For example, they must file an FBAR if the total value of their accounts exceeds $10,000 at any time during the year, regardless of whether the accounts generate income. The penalties for failing to file depend on whether it is a "deliberate" or " non-deliberate" violation.
While the number of Americans renouncing U.S. citizenship in 2021 dropped sharply to 2,426 from a record 6,705 in 2020, the number may have been lower in 2021 because of U.S. embassy closures amid the pandemic.
Source: rossaprimavera.ru (Russian)
Take action! Resist the assault from the rainbow mafia:Russian Faith Website Attacked by Pro-LGBT Megacorporation - Help Us Fight Back! Who works for Russian Faith? Click to see our photos:Meet the Team - Russian Faith Now in Seven Languages!