The number of people giving up their US citizenship to become British has surged thanks to complex tax rules introduced by the American tax authorities.
11:40AM GMT 02 Mar 2013
London-based American lawyers, who specialise in tax and immigration, report a threefold increase over the last five years in the number of American citizens who are giving up their citizenship – a process known as “renunciation”.
Also in the news today:
Fleeing Abroad May Not Cut Your Taxes
RESHMA KAPADIA – SATURDAY, MARCH 2, 2013
As anxiety rises about the increasing tax burden on the world’s richest, some boldface names have taken drastic steps. French actor Gérard Depardieu recently bid adieu to France and accepted Russian citizenship, and Tina Turner is giving up her U.S. citizenship for Switzerland. Golfer Phil Mickelson got an earful after publicly raising the prospects of making “drastic changes” due to California’s rising taxes.
Plenty of other Americans are considering similar moves.