Americans Renouncing their Citizenship up 221%

by admin on February 10, 2014

A recent article in Forbes explains that an increasing number of American citizens are giving up their citizenship, some attribute this phenomenon to US expatriates seeking to avoid strict US tax laws. The USA is one of the few nations worldwide that taxes its non resident citizens on income earned outside of the USA. 

According to Thailand Attorneys Chaninat & Leeds , Thailand does have a a double taxation treaty with the US that would provide relief for double taxation in many cases. Nevertheless compliance with tax regulations of two nations and and a treaty can be inconvenient and time consuming.  America, the income tax laws require that expatriate Americans working overseas be taxed, after a certain level income is reached.

According to the author of the Forbes article, Robert Woods, an American tax lawyer “Many now find America’s global income tax compliance and disclosure laws inconvenient and nettlesome. Some go so far as to say the and disclosure laws are downright oppressive.”

The recently enacted Foreign Account Tax Compliant Act (FACTA) also requires asset disclosure by expatriates of all assets held abroad.

Related Document:

The Income Tax Treaty Between the United States and Thailand 

The Income Tax Treaty Between the United States and Thailand: An Overview and Analysis

Related Website:

US Embassy Bangkok 


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