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In the early 1990s an article in Forbes magazine sparked renewed public interest in the issue of wealthy individuals giving up citizenship in order to avoid U.S. taxation, who were estimated to make up roughly a dozen of the one thousand individuals per year giving up U.S. citizenship. [155]
People giving up US citizenship may be subject to an expatriation tax. Originally, under the Foreign Investors Tax Act of 1966, people determined to be giving up citizenship for the purpose of avoiding US taxation were subject to 10 years of continued taxation on their US-source income, to prevent ex-citizens from taking advantage of special ...
[142] [143] Since 2008, these provisions no longer apply; instead, ex-citizens who meet certain asset or tax liability thresholds pay a capital gains tax on a deemed sale of their U.S. and non-U.S. assets, including retirement accounts, regardless of their reasons for giving up citizenship. [144]
The lawsuit follows a State Department proposal to lower the required fee for renouncing U.S. citizenship. Ex-US citizens say they paid ‘astronomical fee’ to give up citizenship. They’re suing
Citizenship can be lost involuntarily through denaturalization, also known as deprivation or forfeiture. A person might have their citizenship revoked in this way due to: Fraud in the naturalization process, including sham marriages; Failure to renounce another citizenship after having committed to doing so in a naturalization procedure
Americans who live overseas have been renouncing their US citizenship in record numbers over the past several years. In 2014, nearly 3,500 people bid a permanent adieu to the states, and the year ...
Getty Images More Americans are deciding that they'd rather give up their citizenship than pay more taxes. The Wall Street Journal reports that 2013 has already set a new record for "expatriations ...
The retiree, 74-year-old Saad Almadi, is one of at least four dual Saudi-American nationals who accuse Crown Prince Mohammed bin Salman's government of pressuring them to give up their U.S. citizenship, a U.S.-based Middle East human rights group said.