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Year's Tally for Expatriations Sets Record; Increase Comes Amid Tax Crackdown on Offshore AssetsThis year will set a record for expatriations by U.S. taxpayers, with at least a 33% increase from the previous high in 2011.
The Treasury Department published the names of 560 people who either were U.S. citizens renouncing their citizenship or long-term residents who turned in their green cards during the third quarter.
That brings the total so far this year to 2,369, according to Andrew Mitchel, a tax lawyer in Centerbrook, Conn., who tracks the data. For all of 2011, the number of published expatriates was 1,781, he said.
Treasury doesn't report when people renounced, and there could be a gap between that action and a name's appearance on the list. The department also doesn't distinguish between those giving up passports and those turning in green cards.
Taxpayers who expatriate aren't required to give a reason, but experts said the overall increase was likely because of tougher enforcement of U.S. tax laws.
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