Rich ditch US citizenship

| 11/09/2009

(Wealth Bulletin): As offshore havens comply with transparency demands, a growing number of ultra-wealthy Americans are handing back their passports. Private client lawyers and relocation specialists are reporting a surge in wealthy Americans living abroad who are prepared to give up their citizenship to avoid the scrutiny of US tax authorities. Although such a move means they have to pay an exit tax, lawyers say this is a price people have become more willing to pay this year, now the fall in asset values has reduced the size of the imposition.

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