limits of citizenship
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limits of citizenship
In January 2013 after a lengthy dispute with the French government over taxes on the wealthy, Gérard Depardieu famously invoked rage amongst some of his fellow French nationals when he first moved to Belgium and then dropped his French citizenship for a Russian passport. More specifically, Depardieu’s departure was in defiance of President Francois Hollande’s Socialist party which imposes a 75 percent tax rate on incomes above one million Euros ($1.3 million). This move divided France as many celebrities lined up to critique Depardieu, there were just as many who defended his actions. Since then, there has been a media focus upon such cases where taxes have become the primary reason for people to drop their citizenship in one country in favour of another.
And today the country which is forcefully going after its citizens who live abroad is the United States, one of only two countries in the world which has citizenship-based taxation. The only other country that has citizenship-based taxation is Eritrea. In 2011, there were 1,781 Americans who renounced their citizenship compared with just 231 three years earlier when US tax laws changed. The rates have been steadily increasing from 2012 with the most recent data showing that 5,411 Americans renounced their citizenship in 2016. Even former London mayor, Boris Johnson, New York born, recently renounced his citizenship. The reasons for these renunciations is well known in the financial sector: taxes.
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