Out Through America's In Door

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Posted: 12 May 2012 | 2:13 pm

More and more Americans are changing citizenship and taking up residency overseas according to media source Bloomberg.

It's no longer a case of Coming To America, but wealthy residents are increasingly renouncing their USA roots at diplomatic missions abroad.

Based on the news story the figure rose last year to 1,780 expats, which is in increase from 235 back in 2008.

Reportedly one of the key drivers of the trend was the high profile UBS release of information to the Internal Revenue Service (IRS), coupled with growing pressure on overseas tax haven.

Looks like the both wealthy French and the Americans have their ears up on growing tax concerns.

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