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February 11, 2014updated 04 Apr 2017 2:31pm

Record number of Americans giving up citizenship

Overall 2,999 US citizens and permanent residents gave up their citizenship or residency in 2013, an increase of 221% compared to 932 in 2012, according to the Treasury Department.

By Verdict Staff

Overall 2,999 US citizens and permanent residents gave up their citizenship or residency in 2013, an increase of 221% compared to 932 in 2012, according to the Treasury Department.

The previous record high for a year was 1,781 set in 2011.

Many of those expatriating are leaving so because of provisions of the US tax law, which requires its citizens and permanent residents to file tax returns regardless of where they live or where their income is earned.

The Foreign Account Tax Compliance Act, which goes into effect this year, requires foreign financial institutions to report account information for US citizens and permanent residents to the U.S. government.

Even Canada has now agreed to turn over data to the US.

Treasury Department is required to publish a quarterly list of Americans who renounced their U.S. Citizenship or terminated their long-term US residency.

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