IRS Expatriation List Triples in Third Quarter
The number of individuals who have chosen to expatriate for the third quarter is more than double that of the second quarter. The U.S. Department of Treasury released the Internal Revenue Service’s quarterly list, which shows that just fewer than 1,500 individuals have renounced their U.S. citizenship or terminated their long-term U.S. residency for the quarter that ended on September 30.
In the first quarter of 2015 alone, 1,336 individuals chose to renounce citizenship, which was another record high reported by the department. A recent poll conducted by TransferWise, peer-to-peer money transfer service based in the U.K., revealed that 35 percent of American-born residents and emigrants would consider leaving the United States to live abroad. This percentage greatly increases for those between the ages of 18 and 34. More than half of millennials said they would consider leaving the U.S. to live in another country.
The IRS is required to publish quarterly list of expatriates under the tax provisions of the 1996 Health Insurance Portability and Accountability Act. The U.S. may be on track for record overall expatriation numbers in 2015. The total number of expatriations in 2014 was 3,415. To put this in perspective, until 2010, the recorded number of annual expatriates was well below 1,000.