Americans living in Switzerland are giving up their U.S. passports because of the Foreign Accounts Tax Compliance Act.
“An increasing number of Americans living in Switzerland are renouncing their citizenship as a result of ever intrusive demands from the tax authorities in their “home” country.
The US embassy to Switzerland told swissinfo.ch that it had processed 411 renunciations in the first nine months of this year. This compares to 180 Americans giving up their passports in 2011.
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Richard C. Young is the editor of Young's World Money Forecast, and a contributing editor to both Richardcyoung.com and Youngresearch.com.
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