13 Feb, 2013

US expats renouncing citizenship to protect their assets - deVere on Yahoo Finance

An increasing number of US expats are giving up their American passports by renouncing their citizenships in order to safeguard their hard-earned assets from unnecessary tax charges.

Americans are now facing higher taxes and stricter enforcement thanks to FATCA, or Foreign Account Tax Compliance Act, which sees international banks reporting their client’s income to the IRS. 

Meanwhile, as of 2013, 77% of Americans will pay higher federal tax rates, with wealthier households face the highest tax increases.

Nigel Green, CEO of deVere Group, which provides financial services for expatriates, said that since the start of this year, 48% more of the group’s clients in January inquired about moving funds abroad and the possible tax implications of changing citizenship.

Notably, the income tax rate rose this year from 35% to 39.6% for individuals earning more than $400,000 a year and married couples earning more than $450,000. Those who earn more than $1 million pay an average of $170,341 more in taxes.

Click here to read the full article on Yahoo.

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