As someone who moved around a lot with my parents in my childhood, any kind of displacement conjures up vivid images of huge wooden crates, packers and sad goodbyes. But life is no longer as simple as crates, packers and going-away gifts, many US citizens who had relocated and moved abroad are deciding to renounce their US citizenship. 2013 was a record-breaking year that saw an alarming increase (221%-according to the Treasury Department of US) of Americans renouncing their citizenship. Why such a drastic move? A big reason is the global tax reporting requirement and FATCA.
I read this somewhere, that “expatriation is like divorcing a government”. As heart-wrenching and final as that may sound, it is made even more complex by the tax provisions under Internal Revenue Code (IRC) sections 877 and 877A. So if you decide Read more