According to the New York Times article More American Expatriates Give Up Citizenship, 743 Americans traded in their citizenship for permanent lives abroad in 2009. And although that’s a minuscule amount compared to the 5.2 million Americans estimated to be living outside the US, it’s a lot compared to the number in 2008 (235) and it’s the highest it’s been in five years.
One of the reasons behind the trend is double taxation. The US is the only industrialized nation that taxes citizens for money earned overseas. And because Americans are often taxed by their country of residence as well, they’re being taxed twice. Add to that the rotten world economy and you have enough motivation for some people anyway, to bid Uncle Sam farewell, forever.
What about you? Are there any circumstances that would lead you to give up your citizenship?