Tax Rules Spur Renunciation of U.S. Citizenship

"Goodbye, Uncle Sam!  That's what 3,000 Americans chose to say last year, lining up at embassies around the world to renounce their citizenship.  The numbers for 2013 represent a dramatic spike -- triple the average for the previous five years, according to a CNNMoney analysis of government data.  Some of the rush is coming from expats who are tired of dealing with complicated tax filings -- which are only getting worse as new regulations come into effect. ... Some Americans may be giving up their passports to protect their wealth.  Doing so could raise legal questions -- it's illegal to renounce your U.S. status to avoid paying taxes, and giving up citizenship doesn't mean you're off the hook for back taxes.  "The U.S. used to be the 'Rolls Royce' of destinations -- the land of opportunity," said Hong Kong-based immigration lawyer Eugene Chow.  No longer, it seems.  "Both naturalized and native-born American citizens are choosing to say goodbye to Uncle Sam today."" - Sofia Yan, CNN Money, Feb. 17, 2014.