This is put both in the Media section and elevated to a specific post – as it is a thoughtful article.
This radio article notes that Americans who live overseas are renouncing their U.S. citizenship in record numbers. The renunciation has been a sudden spike from a domino affect from the following:
1. UBS aided tax evasion scheme that broke in 2009;
2. Congressmen believed that tens of billions could be collected;
3. FATCA was adopted in 2010 – to identify all American account holders throughout the world;
4. Foreign banks cancelled accounts throughout Europe; and
5. The U.S. is unusual in that it taxes its U.S. citizens wherever they are in the world.
