“While still a small part of the seven million US citizens living overseas, experts are certain the rise is driven by the new tax and account reporting rules. ‘Fatca is an aggravator to the renunciation figures. It’s making it very difficult for Americans to live overseas,’ said Marylouise Serrato, executive director of American Citizens Abroad, which lobbies the government on expatriate issues. Some banks around the world have already stopped taking new accounts from US citizens, to avoid having to report them or falling into the sights of US regulators, as happened to the Swiss bank UBS in 2009.”
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