Wednesday, August 04, 2010

americans renounce citizenship to avoid irs

americans who swap passports
from financial times: At the US Embassy in London, there is a waiting list that none of the officials likes to discuss. On the list are Americans hoping to give up their citizenship, as they seek shelter from the Internal Revenue Service.

One lawyer fighting for her clients’ right to do so is Suzanne Reisman, a former civil rights campaigner, who is now a private-client lawyer in Mayfair, central London.

You make a lot of sacrifices when you have to pay US taxes and live outside the country for a long time. But you also make a lot of sacrifices when you give up your passport,” she says.

Having lived in London since 1998, Ms Reisman herself has considered giving up her US passport. But she probably won’t. “I don’t think I want to die in the UK,” she says...

The backlog at the US Embassy, where no appointments are available until February, stems from a rise in the number of American expatriates living in the UK who have been seeking to escape paying US tax on their worldwide income and capital gains since the simplification of US tax laws in 2008.

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flashback: more american expatriates give up citizenship*

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