Renunciation of US Citizenship Increasing
In 2009, there was a substantial increase in United States citizens living abroad renouncing their United States citizenship. It is speculated that this increase is due to frustrations dealing with taxes and banking problems, especially those relating to taxes for citizens who work abroad. Many fall within the category of workers who will have to pay double taxes, both to the United States and to the country where they are working and living. There also have been problems maintaining bank accounts in the United States when one has a foreign address. This is because of heightened regulatory requirements that came into fruition after 9/11 and the passing of the Patriot Act. In light of these burdens, the alternative option of relinquishing citizen is actually typically an easy choice, considering how simple the process is; it simply involves appearing before a U.S. consular or diplomatic official in a foreign country and signing a renunciation oath.
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