Tuesday, June 26, 2012

More and more Swiss-Americans ditch US passports...

With financial relations between Washington and Bern increasingly strained, more and more Swiss-Americans are giving up their US citizenship, figures show.

The number of dual nationality Swiss-Americans renouncing their US passports has risen sharply in recent years, due in large part to the pressure being exerted by the IRS, the US tax authority, online news site Le Matin reported.

The United States is one of the only countries in the world that taxes its citizens even when they have settled abroad. This means that all Americans living in Switzerland, even if they have dual American-Swiss nationality, must complete and submit a US tax return.

In addition to this tax return burden, the recent pressure placed on Swiss banks by the IRS to disclose details of US clients to ensure compliance with the US tax regime has caused Swiss banks and asset managers to reject clients with any US affiliation. In one case, a man who had been settled in Switzerland was thrown out of his bank for having US citizenship. Full story...

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