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Tags: US London Taxes

Some Americans Drop Citizenship Over Taxes

Wednesday, 04 August 2010 12:06 PM EDT

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, The Financial Times reports.

With many executives living away from their countries of origin, the reasons to change citizenship range from clarifying tax status, making it easier to cross borders, particularly in the case of passport holders from emerging markets who find themselves working in countries such as the U.S. for a prolonged period of time, or discovering that over time their allegiances have changed.

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.


Read the entire story at ft.com

© Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


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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, The Financial Times reports.
US London Taxes
162
2010-06-04
Wednesday, 04 August 2010 12:06 PM
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