Stricter tax laws may cause more to give up US passports

Asset-disclosure rules coming in July may prompt 6 million expatriate Americans to weigh giving up their passports

ALMOST 50 years after Oscar-winning actor Yul Brynner gave up his passport at the U.S. embassy in the Swiss capital, the number of Americans relinquishing their citizenship jumped 47 percent in the first quarter.

Expatriates giving up their nationality climbed to 1,001 in the three months till March from 679 a year earlier, according to Federal Register figures released on May 2. The number tripled to 3,000 in 2013 from the previous year, Internal Revenue Service data shows.

While Mr Brynner, the star of The Magnificent Seven, renounced his American citizenship in Bern following a dispute with the IRS, tougher asset-disclosure rules being introduced in July are prompting more of the estimated 6...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to