The number of Americans choosing to give up their passports hit a record 3,415 last year, up 14% from 2013, and 15 times more than in 2008, when only 231 people renounced their citizenship
Experts say the recent surge is coming from expats who no longer want to deal with complicated tax paperwork, a burden that has only gotten worse in recent years.
Unlike most countries, the U.S. taxes all citizens on income, no matter where it is earned or where they live. The mountain of paperwork can be so complicated that expats are often forced to fork over high fees to hire an accountant -- some say they pay as much as $1,000.
"You do have a lot of people queuing...there are people still waiting to get their second passport [before they] renounce," he said. "Obviously, you can't give up your [U.S.] passport unless you have another one."
Of course, some Americans giving up their passports could very well be fat cat tax cheats, fleeing to known tax havens to preserve their wealth. But it's illegal to renounce your U.S. status to escape paying taxes, and giving up your citizenship now doesn't mean Uncle Sam won't come after you later for back taxes.
"From an international perspective, the world is split into two halves -- the people who are desperate to get U.S. citizenship, and the people who are desperate to give it up," Chris McLemore, senior counsel at Butler Snow, told CNNMoney in December.
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