More Americans than ever are giving up their US citizenship. In the last quarter of 2009, 502 Americans officially renounced their US citizenship.
The US State Department estimates about 5-1/2 million Americans live overseas. So that's a miniscule percentage of Americans abroad who actually renounced citizenship. Given the delays in obtaining appointments to renounce, and the numbers awaiting citizenship elsewhere (a prerequisite to renunciation), those numbers are set to increase even more dramatically.
How to renounce US citizenship? In a nutshell, first obtain citizenship & passport elsewhere, and establish foreign residence in that country of new citizenship or a third country. Make an appointment at the nearest US consulate to your new home. Fill out forms. Take the oath of renunciation. Wait for your certification of renunciation. This last is the most crucial because until you get that, you are still a taxpayer in the eyes of the IRS!
As long as the US remains the only major country in the world to tax citizens and "US persons" on worldwide income even when they live (and pay taxes!) in another country, the only way out from under onerous IRS tax regulations is expatriation. And the US will remain uncompetitive on world markets as long as US persons and businesses are taxed to death.
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