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In the early 1990s an article in Forbes magazine sparked renewed public interest in the issue of wealthy individuals giving up citizenship in order to avoid U.S. taxation, who were estimated to make up roughly a dozen of the one thousand individuals per year giving up U.S. citizenship. [155]
People giving up US citizenship may be subject to an expatriation tax. Originally, under the Foreign Investors Tax Act of 1966, people determined to be giving up citizenship for the purpose of avoiding US taxation were subject to 10 years of continued taxation on their US-source income, to prevent ex-citizens from taking advantage of special ...
Finally, citizenship can be lost through a variety of other grounds, that are often not clearly voluntary or involuntary. One action that is taken voluntarily (e.g. serving in a foreign military) can lead to a subsequent involuntary loss. [2] Some of these grounds include: Voluntary acquisition of another citizenship
The lawsuit follows a State Department proposal to lower the required fee for renouncing U.S. citizenship. Ex-US citizens say they paid ‘astronomical fee’ to give up citizenship. They’re suing
The column "Federal Register" refers to whether and when the former citizen's name was published by the U.S. government in one of its lists of people giving up citizenship. "Too early" refers to people who relinquished citizenship before publication began.
For example, under the Heroes Earnings Assistance and Relief Tax (HEART) Act of 2008, United States citizens in general are subject to an expatriation tax if they give up United States citizenship, but there are exceptions (specifically ) for those who are either under age 18 + 1 ⁄ 2 upon giving up United States citizenship and have lived in ...
Americans who live overseas have been renouncing their US citizenship in record numbers over the past several years. In 2014, nearly 3,500 people bid a permanent adieu to the states, and the year ...
At the time, the issue of giving up U.S. citizenship for tax purposes was receiving a large amount of media attention, which also resulted in Congress adding provisions to the Health Insurance Portability and Accountability Act to broaden the "expatriation tax" (26 U.S.C. § 877) and to make public the names of people giving up U.S. citizenship ...