Unintended
consequences of our new tax laws in Switzerland;
About 1,780 expatriates gave up their nationality at U.S. embassies last year, up from 235 in 2008, according to Andy Sundberg, secretary of Geneva's Overseas American Academy, citing figures from the government's Federal Register.
....Shunned by Swiss and German banks and facing tougher asset-disclosure rules under the Foreign Account Tax Compliance Act (FATCA), more of the estimated 6 million Americans living overseas are weighing the cost of holding a U.S. passport.
As the story goes on to point out, there's a point where it's no longer worth it from a cost-benefit analysis, to be an American citizen (as Eduardo Saverin just found out). Which means that the US Treasury can kiss any tax revenues, from those choosing to renounce their American citizenship, good-bye. Forever.
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