Americans Give Up Passports as Asset-Disclosure Rules Start – Bloomberg 08-07-14

Salient to Investors:

  • Matthew Ledvina at Anaford said Fatca and the Swiss bank disclosure program has intensified the search for US nationals beyond all measure.
  • The US is the only OECD country that taxes its citizens abroad.
  • Almost 9,000 Americans living overseas have surrendered their passports over the past 5 years.
  • Americans with a net worth above $2 million and an average income tax of at least $157,000 over the previous 5 years must pay an exit tax on unrealized capital gains when they renounce US citizenship.

Read the full article at http://www.bloomberg.com/news/2014-08-06/americans-give-up-passports-as-asset-disclosure-rules-start.html

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