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    February 7, 2016

    U.S Treasury Reports Record Number of Renunciations of Citizenship

    Translated by Ollie Richardson for Fort Russ
    7th February, 2016




    A record number of Americans have renounced their citizenship of the United States in 2015, wrote The Wall Street Journal.

    According to the Ministry of the Treasury, in 2015, the number of people who renounced US citizenship or a residence permit reached almost 4,300 people.

    "A growing number of Americans, apparently, believe that having a US passport or long term residency is not worth the effort and expenditures for compliance with the tax laws of the country", — quotes the agency from the words of an expert on international law Andrew Mitchell.

    The cause of the mass failure is the policy of tightening laws  for taxpayers in the United States with undeclared offshore accounts.

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