Why are ex-pat Americans giving up their passports?

Why are ex-pat Americans giving up their passports?Growing numbers of Americans are renouncing US citizenship

According the US Treasury, increasing numbers of Americans are renouncing their citizenship. One of the main reasons for this seems to be Fatca (the Foreign Account Tax Compliance Act), a citizen-based taxation system introduced in 2012. The law is aimed at taxing wealthy Americans and requires citizens to file a tax return, no matter where in the world they live. It also means some people are liable to pay US taxes on top of those required by their country of residence. Read more…

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