The U.S.'s crackdown on global tax
evaders is leading to a record number of people renouncing their
citizenship, and its effects are being felt keenly in Asia—now the
world's wealthiest region by household assets.
A growing number of wealthy Americans in
Asia—and others with green cards—are exploring whether to renounce
their U.S. citizenship or give up their green cards to avoid onerous tax
obligations.
Globally, more U.S. citizens have
renounced their citizenship in the first and second quarters than all of
2012 combined, and 2013 is already on track to becoming a record year
for renunciations. ...
In Hong Kong, where the individual tax rate is capped at 15%, becoming a
citizen is an attractive prospect. But some U.S. citizens say they are
exasperated by a growing raft of paperwork that forces U.S. citizens
living abroad to declare the minutiae their financial holdings and other
assets. "My decision was less about the actual amount of taxes I had to
pay, and more about the system," said one investment banker, who
renounced his U.S. citizenship and is now a Hong Kong citizen. "I'm not
an ultrawealthy dude. It was the hassle with all the paperwork"
Following up on Saturday's post, Number of Taxpayers Who Renounced U.S. Citizenship Hits Record High: Wall Street Journal, U.S. Expats Balk at Tax Law:
American Citizen Renunciations Are Soaring:
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