Number of Americans Renouncing their Citizenship Near Record Highs

circa 1938: Sir Robert Hodgson arriving at Croydon from Paris on an Imperial Airways flight. (Photo by London Express/Getty Images)

A total of 508 Americans renounced their citizenship in the second quarter of the year, according to information published by the Internal Revenue Service, putting the country on track to lose at least the second highest number of citizens on record.

That brings the total number of expatriates for the year to 1,666, according to data published on Friday, just below the 1,795 who renounced during the same period in 2015. Yet because the number of expatriates tends to increase toward the end of the year, 2016 could still set another record for the number of Americans it sends packing. A total of 4,279 left over the duration of 2015, which was the third consecutive year to set a new annual record.

1936: Passengers enjoying a drink and a game of cards in the cabin of an Imperial Airways plane. (Photo by General Photographic Agency/Getty Images)

Tax experts have suggested the uptick is due, in part, to the Foreign Account Tax Compliance Act. The 2010 law was aimed at forcing nonresident citizens, estimated to be between 2 and 7 million, to report more of their income for tax collection. Read the rest of this entry »