It has been reported by CNN Money that more Americans are giving up their passports.
Some are blaming the new disclosure law aimed to eradicate tax evasion, whilst expats say they are sick are completing two tax returns. The US requires all of its citizens to pay income tax regardless of where they live or where the income was earned.
The increase comes as the U.S. prepares to implement the Foreign Account Tax Compliance Act, a new law that requires foreign institutions to report all assets owned by Americans.
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