FATCA spurs U.S. expats to consider dropping citizenship

By Staff | October 27, 2014 | Last updated on September 15, 2023
1 min read

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.

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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.

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Advisor.ca staff


The staff of Advisor.ca have been covering news for financial advisors since 1998.