Growing Number of Wealthy American Tax-evaders Renounce US Citizenship

August 17th, 2009

Wealth Bulletin is carrying a fascinating story today about the growing number of wealthy US tax-evaders that are surrendering their passports and renouncing their citizenship in the wake of the recent US crackdown on tax evasion:

Private client lawyers and relocation specialists are reporting a surge in wealthy Americans living abroad who are prepared to give up their citizenship to avoid the scrutiny of US tax authorities.

Although such a move means they have to pay an exit tax, lawyers say this is a price people have become more willing to pay this year, now the fall in asset values has reduced the size of the imposition.

Jay Krause, a partner at private-client specialist law firm Withers, said: “The number of inquiries from US citizens wanting to expatriate from their citizenship has increased rapidly in the last year.”

The size of this rapid increase is still unclear, however the loyalty of these American “citizens” is crystal.  They’ve refused to pay American taxes, yet enjoyed all of the splendors of American life.  When someone calls them on their leach-like behavior, they cut and run – renouncing their citizenship.  These people were never Americans to begin with – they should be ashamed of themselves.

Written by Clark Gascoigne

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