{"id":1522218,"date":"2022-06-18T21:19:08","date_gmt":"2022-06-19T01:19:08","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1522218"},"modified":"2022-06-18T21:19:18","modified_gmt":"2022-06-19T01:19:18","slug":"one-quarter-of-americans-living-abroad-seriously-considering-or-planning-to-renounce-citizenship-new-survey-shows-why","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/one-quarter-of-americans-living-abroad-seriously-considering-or-planning-to-renounce-citizenship-new-survey-shows-why\/","title":{"rendered":"One Quarter Of Americans Living Abroad \u2018Seriously Considering\u2019 Or \u2018Planning\u2019 To Renounce Citizenship; New Survey Shows Why"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">34<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fone-quarter-of-americans-living-abroad-seriously-considering-or-planning-to-renounce-citizenship-new-survey-shows-why%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1522218&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p>Around one in four <a href=\"https:\/\/www.dailywire.com\/topic\/united-states\">Americans<\/a> currently living abroad are serious about considerations and plans to renounce their U.S. citizenship, and they name the U.S. <a href=\"https:\/\/www.dailywire.com\/topic\/taxes\">tax burden<\/a> as the top reason for their desire, a recent survey found.<\/p>\n<p>Many U.S. citizens who have currently taken up residence in another country are hit with taxes from both their host country and their home country, Greenback Expat Tax Services <a href=\"https:\/\/www.greenbacktaxservices.com\/blog\/2022-us-expat-trends-survey\/\">explained<\/a> in a piece accompanying their survey findings.<\/p>\n<p>\u201cThe burden of filing U.S. taxes is the top reason expats want to ditch U.S. citizenship, according to the survey, which polled 3,200 American expats living in 121 countries,\u201d CNBC <a href=\"https:\/\/www.cnbc.com\/2022\/06\/17\/1-in-4-expats-seriously-considering-renouncing-us-citizenship.html\">reported<\/a>.<\/p>\n<p>Greenback noted that the U.S. has attempted to ease the tax burden of Americans abroad by putting in measures to avoid double taxation. However, U.S. expats still must file tax returns with the IRS every year, and many end up paying U.S. taxes.<\/p>\n<p>\u201cBecause the majority of the world\u2019s nations use a system of residence-based taxation, most US expats are required to pay taxes in their host country,\u201d Greenback explained. \u201cDespite this, most also have to pay taxes to the US government on the same income due to the US\u2019s practice of citizenship-based taxation.\u201d<\/p>\n<p>\u201cThe US also has rules in place that require Americans to report on foreign financial accounts,\u201d Greenback added. \u201cThe rules were designed to safeguard against tax cheats hiding money in offshore accounts. However, these regulations disproportionately impact expats since they are more likely to have overseas accounts.\u201d<\/p>\n<p>The survey found that millions of Americans living abroad were unfamiliar with America\u2019s financial reporting requirements, which could put them at risk of falling into trouble with the IRS. Another concerning aspect of the survey showed that 86% of American expats \u201cfeel like their concerns are less likely to be addressed by the US government than US citizens living in the USA,\u201d a finding that Greenback co-founder David McKeegan said \u201cstruck\u201d him most.<\/p>\n<p>As of 2020, there were up to nine million Americans living abroad, according to U.S. State Department estimates. CNBC noted that just under 2,500 people revoked their U.S. citizenship in 2021, much fewer than the record-breaking year in 2020 that saw nearly 7,000 Americans decide to renounce their citizenship.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Around one in four Americans currently living abroad are serious about considerations and plans to renounce their U.S. citizenship, and they name the U.S. tax burden as the top reason for their desire, a recent survey found. Many U.S. citizens who have currently taken up residence in another country are hit with taxes from both &#8230;<\/p>\n","protected":false},"author":324,"featured_media":1522224,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"","fifu_image_alt":"","footnotes":""},"categories":[],"tags":[],"class_list":["post-1522218","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry"],"_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1522218","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/324"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1522218"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1522218\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/1522224"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1522218"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1522218"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1522218"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}