1,380 US taxpayers give up their passports or green cards in the third quarter of 2016, which is the second highest quarterly report, according to Treasury statistics, published in the Federal Register.
A record number of 1,426 people was seen in the third quarter of last year. In the second quarter of this year, only 508 people abandoned their passports or green cards, as compared to the total amount of the second quarter in 2015 of 460 citizens.
Treasury said that so far this year, 3,046 taxpayers renounced their citizenship, that is, less than 3,221 citizens who have done so in the first three quarters of 2015, and 3,415 taxpayers have given up everything in 2014.
Increasing the number of people who refuse citizenship, especially from 2013, coincided with increased actions by the Treasury and the Internal Revenue Service, to track US undeclared assets and held abroad income in particular, through the application of Foreign Account Tax Compliance Act (FATCA) and the requirement to file a report of foreign bank and financial accounts.
According to the authorities, Americans who live abroad are becoming more aware of their US tax reporting obligations. In particular, American citizens believe that it becomes increasingly difficult to manage the bank in foreign territories as a result of Foreign Account Tax Compliance Act.
The law requires that the Treasury publishes a quarterly list, including the name of each person who has lost or renounced US citizenship for the period. In the purposeful creation of this list of long-term residents or green card holders, treated as if they were US citizens who have lost their citizenship.