A significant number of American expats are considering renouncing their citizenship, with taxes and the current political climate being the top reasons for such a consideration, states a survey by Greenback Expat Tax Services.
About one in four Americans have considered citizenship renunciation according to the survey results published on June 15. While 42 percent of respondents said they would not rule out renouncing citizenship, 20 percent were seriously considering it, and 6 percent said they plan to give up their citizenship. Around a third of the respondents said they would never consider abandoning their U.S. citizenship.
The top reason for renouncing citizenship was tax issues, with 40 percent of respondents saying that U.S. taxes are too much of a burden. In addition, 86 percent felt that their tax concerns are less likely to be addressed by the American government compared to citizens living in the country….