Americans abroad renounce their U.S. citizenship at record rate

Americans living abroad renounced their U.S. citizenship at a record rate in the first part of this year, Bloomberg News reports.

Whether to unhinge themselves from U.S. laws that call for taxing citizens no matter what country they're living in, or to be free of more recent complex reporting and tax requirements, some 1,335 one-time Americans bid adios, adieu or ciao to their U.S. citizenship, according to Bloomberg.

The U.S., or more specifically, the Internal Revenue Service, does not look kindly upon those who toss away their U.S. passport. Not only did it increase the fee for doing so a couple of years ago – from $450 to $2,350 – the agency also puts out what some call a "Wall of Shame," or a publicly available list of each and every person who abandons citizenship.

The agency says it is simply complying with regulations that call for it to announce the identity of every American-no-longer-wannabe. It also attributed the hefty fine increase to the higher demand in processing paperwork.

In all of 2014, slightly more than 3,400 Americans renounced their citizenship, Bloomberg said.

Read the full story at FOXNewsLatino.com



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