The Treasury Department published the names of individuals who renounced their U.S. citizenship or terminated their long-term U.S. residency “Expatriated” during the fourth quarter of 2016.
- The number of published expatriates for the quarter was 2,365, bringing the total number of published expatriates in 2016 to 5,411.
- The total for the 2016 year breaks the 2015’s record number of 4,279 published expatriates.
- The number of expatriates for 2016 is a 26% increase over 2015 and a 58% increase over 2014 (3,415).
The graph to the left is based solely on IRS data and shows the number of published expatriates per year since 1998.
The connection between the list of expatriates and the IRS implies a link to tax policy.
The U.S. is one of a very small number of countries that tax based on nationality, not residency, leaving Americans living abroad to face double taxation.
The escalation of offshore penalties over the last 20 years is likely contributing to the increased incidence of expatriation.