According to Forbes, new U.S. tax laws may have lead to the 221% increase in the number of Americans relinquishing their citizenship in 2013.
The U.S. Treasury Department is required to publish the names of those it knows of who abandoned their citizenship. The most recent quarterly report show that a total of 2,999 people left in 2013; by comparison 932 left in 2012.
Forbes alluded that this number could be mostly American expats who are feeling oppressed by the U.S.’s labyrinth of tax laws, in particular the Foreign Account Tax Compliance Act. FACTA requires American citizens to file taxes in the U.S. regardless if they are also filing, and paying, taxes on wages made in a foreign country.
See: U.S. Taxes and Tax Law: An Expat’s Bane?
The Bangkok business lawyers at Chaninat and Leeds are experts on Thailand company law and company registration.
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