More American Expatriates Give Up Citizenship
By BRIAN KNOWLTON
Published: April 25, 2010
WASHINGTON — Amid mounting frustration over taxation and banking problems, small but growing numbers of overseas Americans are taking the weighty step of renouncing their citizenship.
“What we have seen is a substantial change in mentality among the overseas community in the past two years,” said Jackie Bugnion, director of American Citizens Abroad, an advocacy group based in Geneva. “Before, no one would dare mention to other Americans that they were even thinking of renouncing their U.S. nationality. Now, it is an openly discussed issue.”
I think that this is too simplistic. There is no doubt that tax rules (for those over the limits) are problematic as are the reporting requirements (really difficult when dealing with Korean systems that work in different ways). The banking issue would be a pain, one which I haven’t experienced yet. However, what this analysis disregards is the growing feeling that one can live outside the US and enjoy a life that is as good or better that one inside the US.
There was a time, not too long ago, that most expats wanted the security of being able to head back to the States, even if they never did. These days, I see that thinking fading somewhat. Now, I don’t mean that hordes of expats are lining up to renounce, but like the article indicates, it’s now something that’s being voiced.
I will never give up my citizenship. I’m bound by tight family bonds and a real desire to return. If I lacked those family bonds, though, it would be more of an option.
The world is shrinking and many folks just think that one place is just as good as another.
I agree, Karen. I think, though, that this is already happening. But, just as many companies tend to ignore the concerns of their customers (to their great peril) many countries do as well.