Americans Giving Up Passports Jump Sixfold as Tougher Rules Loom - Businessweek
"Shunned by Swiss and German banks and facing tougher asset-disclosure rules under the Foreign Account Tax Compliance Act, more of the estimated 6 million Americans living overseas are weighing the cost of holding a U.S. passport."
To denounce one's citizenship is pretty drastic, and has to be soul searching to do.
The fact that many are making this decision is a good indication of how far this government has taken us....
This new round of oppression is not a concern for me. I do not earn enough and none of it overseas. So, my advice here is not based on personal experience, only observation.
When John Fredrikson gave up his Norwegian citizenship and moved to Cyprus, we called him "Ragnar." But this year, to make up for their lack of money, the government of Cyprus taxed (stole) at 20% all bank accounts over E100,000 for a total of E1.8 billion ($2.4 billion). I do not know what if anything Frederikson lost, but clearly, just going to some other country will not solve your tax problems.