More US wealthy opt to surrender their citizenship

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. (more)