Almost three quarters of Americans who live outside the U.S. are tempted to give up their U.S. passports in response to the introduction of FATCA, reveals a deVere Group survey.
The findings come as Federal Register data shows that the number of Americans renouncing U.S. citizenship increased by 39% in the three months to September after the new global tax law came into force.
The poll asked more than 400 American expatriates: ‘Would you consider voluntarily relinquishing your U.S. citizenship due to the impact of FATCA?’
Cumulatively, 73% answered they had ‘actively considered it’, ‘are thinking about it,’ or ‘have explored the options of it.’
Sixteen percent said they would not consider relinquishing their U.S. citizenship and 11% did not know.