Giving up citizenship over taxes? There’s something strangely American about that.
But always remember that if you give up your US citizenship, you are barred for life from possessing a gun or even hiring an armed guard.
“To some degree it is President Obama’s fault. It was Obama and the Democratic Congress that passed a law in 2010 that forced foreign banks to disclose U.S. citizens,” says Mitchel.When the law was passed, it appeared to be aimed at fat cats who sought to hide money in secret Swiss bank accounts. But today, it could affect nearly any of the 7 million Americans, who Mitchel says live abroad—many of whom are people of modest means.