Perks and Perils of Greener Pastures
When billionaire Facebook co-founder Eduardo Saverin relinquished his U.S. citizenship in 2011, the media jumped.
Bloomberg news reported that there were 1,781 citizen-ship jumpers in 2011, up seven fold since 2008. It’s a drop in the ocean, however, compared to the millions of Americans who work overseas—many for the lower tax incentives.
Excluding military families, roughly six million U.S. citizens are expatriates, according to the American Association of Residents Overseas. That equals the combined populations of Nashville, Seattle, Boston, Austin, Milwaukee, Sacramento and San Diego.
Are there greener foreign financial pastures? Many people seem to think so.