According to Treasury Department figures, 2015 saw yet another record-breaking number of U.S. citizenship renunciations. To that point, the 4,279 expatriations that took place in 2015 surpassed the previous record of 3,415 recorded the year before.
Many experts believe that the main catalyst for this expatriate exodus has been the increasing onus of U.S. tax compliance. The Foreign Account Tax Compliance Act and other tax laws have made U.S. citizens living abroad more keenly aware of their obligation to file annually no matter where they reside and more wary of the increasing costs associated with compliance and the potential penalties associated with non-compliance.