Why would someone give up their U.S. Citizenship and Passport?

Jonathan Tepper’s recent Op-Ed in the NY Times provides a picture of the administrative burden and cost placed on U.S. Expats who often will not owe any tax to the IRS. At OneTRADEx we often deal with U.S. Expats that are struggling to manage their finances while abroad. Some people we speak with have already renounced their citizenship while some are considering it. However most of the U.S Expatriates we speak with would find it difficult to renounce their citizenship on both an emotional level and administratively as the U.S. Government is making the process more burdensome in terms of time and cost. In general we find that clients are simply looking for market access with quality execution at a fair price and are frustrated that they are losing account access or become barred from purchasing mutual funds while they are outside the U.S.

We are able to provide brokerage accounts to U.S. Expats on the same terms as our other clients and are happy to help them manage their finances while they are abroad.

Why US Citizens are giving up their passports

Link to NY Times Op-Ed