More U.S. Citizens Toss Passports as IRS Seeks Hidden Assets
A growing number of US citizens are giving up their blue passports and taking on citizenships of other countries. Those with dual citizenship and living overseas are one of the segments who are choosing this route. The estate tax could be a key reason that is motivating an increasing number of US citizens to explore and obtain a citizenship of other countries. Two excerpts from the article on Bloomberg (link below) - More taxpayers renounced their U.S. citizenship in 2010 than in the previous three years combined, or in any year since at least 2003, according to data compiled by Andrew Mitchel, an international tax attorney in Essex, Connecticut. In recent years, Congress and the IRS have increased their scrutiny of the offshore financial assets of U.S. citizens. The IRS recently announced the second round of a voluntary disclosure program that allows U.S. taxpayers with undisclosed assets in other countries to pay a penalty and likely avoid prosecution. Contact the Investor Visa Network by following this link. http://tinyurl.com/investorvisa-net-mar16 Stay updated, receive regular emails from Investor Visa Network -