Financial Regulation

More Overseas Americans Expected To Renounce Citizenship

Tight, new financial rules go into effect with the new year

|

A strict new U.S. tax initiative may have some wealthy Americans rethinking their U.S. citizenship.

International financial consulting firm deVere Group says it has seen a 22% increase in inquiries from its American clients who are considering renouncing their citizenship as a result of an aggressive new U.S. tax initiative that is coming online on Jan. 1.

"The vast majority have told us that they are dissatisfied with the forthcoming Foreign Account Tax Compliance Act legislation and the adverse implications it could potentially have on them, their families and careers," says Nigel Green, deVere's CEO. "We're aware of hundreds of American clients who have been either dropped completely by, or who are experiencing problems with, their foreign financial institutions."