Hot! U.S. Expats Frustrated with Taxes, Giving Up Citizenship

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A growing number of U.S. expatriates are turning in their passports, after complexities in U.S. tax law continue to become burdensome to Americans living abroad, reports The Local.

Expatriates in Switzerland said that while the intricate tax filing requirements are meant to stave off offshore tax evasion, they’re also increasingly overwhelming. The U.S. is the only country that taxes based on citizenship versus residence or the source of income.

“I just got more and more anxious about my ability to protect myself and my family from the administrative overhead of the US government,” said an expat in Switzerland who preferred not to be mentioned.

US Immigration Attorney in Thailand

Chaninat & Leeds attorneys offer US family-based immigration visas with a focus on the K1 fiancée visa and K3 marriage visa for Thai nationals.

With the passage of the U.S. Foreign Account Tax Compliance Act (FATCA), tax requirements are now even more onerous. Many countries are beginning to comply with FATCA, which requires foreign banks to report all U.S. offshore holdings and accounts.

Read the full article here.


Related articles: FACTA: Where Does Thailand Stand?


Flickr photo courtesy of 401K


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