expat network

Survey Reveals a Complex and Evolving Landscape for American Expatriates

American expatriates

The latest survey results from Greenback Expat Tax Services reveal a complex and evolving landscape for American expatriates, as they face an array of regulatory and financial challenges. Notably, 1 in 5 US expats are contemplating or planning to renounce their US citizenship, and an alarming 42% are not dismissing this drastic measure.

This data, coupled with the fact that 69% of US expats don’t believe they should be required to file US taxes, emphasizes the dissatisfaction stemming from the tax obligations of US citizens abroad.

A contributing factor to this dissatisfaction is the Foreign Account Tax Compliance Act (FATCA). Despite 36% of expats reporting no impact from FATCA, a significant 27% still need to file form 8938 for FATCA compliance. Furthermore, FATCA and Foreign Bank Account Reporting (FBAR) regulations continue to challenge US expats, particularly the 5% who are unfamiliar with these requirements.

These findings highlight the challenges and frustrations that many American expatriates face. The US is one of the few countries that taxes its citizens on their worldwide income, regardless of where they live. This can make it difficult for expatriates to comply with US tax laws, and it can also lead to financial hardship.

Click here to read more about the key findings of the Greenback survey and learn more about the challenges and opportunities facing American expatriates.