Most American expatriates have at least questioned their US citizenship due to the impact of the Foreign Account Tax Compliance Act (FATCA), a survey suggests.
A poll of 414 of global advisory group deVere's clients recorded 68% answering they had ‘actively considered', ‘are thinking about' or ‘have explored the options of' renouncing their citizenship.
Fewer than one in five (17%) said they would not consider relinquishing it, while 15% ‘did not know'.
FATCA targets tax non-compliance by US taxpayers - both corporate and individual - with foreign accounts. It has been estimated the US Treasury loses as much as $100bn annually to offshore tax non-compliance.
Nigel Green, deVere Group founder and chief executive, said: "It is our experience that Americans - at home and abroad - are becoming increasingly aware of the far-reaching, unintended, adverse effects of FATCA.
"More and more of our internationally-based American clients are now telling us, usually with a heavy heart, that they would be tempted to give-up their US citizenship to avoid what they feel is the unfair, complex and oppressive burden of FATCA."
FATCA is set to be introduced in July next year.
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