“For many wealthy mainland Chinese who immigrated to the US, an American passport is a genie that cannot be put back in the bottle.  More and more of them are thinking about renouncing their US citizenship, something that would have been almost unimaginable a decade ago, when getting a US passport was the ultimate status symbol in China.  In March 2010, Washington stepped up its tax collection efforts by enacting FATCA. Americans and green card holders face onerous US reporting requirements, often have trouble opening bank accounts outside the US and frequently find it hard to form business ventures overseas.”

http://www.scmp.com/news/china/article/1060557/tax-bills-prompt-chinese-ditch-us-passports

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