In 2012 Facebook cofounder Eduardo Saverin gave up his US
citizenship (known as Expatriation) and
now resides here in Singapore. Since
then, more attention has been paid to the Federal Register of Americans who
give up their citizenship. In 2013,
about 3,000 Americans handed back their U.S.
passports or green cards to end their citizenship or long-term residency. This is well in excess of the previous high
of 1,781 in 2011.
Fatca Tax Singapore
The media tells us that
the main reason for the spike in Expatriation is the increasing burden of tax
compliance and the fear of large penalties for non-compliance. Added to this, we now have FATCA or the Foreign Account TaxCompliance Act, which forces financial institutions worldwide to report the
bank accounts and certain financial interests of U.S. taxpayers to the Internal
Revenue Service.
Seems like all Americans living abroad need to find a good tax
accountant. I am told that there are
many charlatans about so caveat emptor…
