A quarterly publication by the Internal Revenue Service lists those citizens who voluntarily expatriate, or abandon their American citizenship — a growing number of whom are doing so to avoid taxes, according to several published reports.
The latest list of those who have chosen to expatriate, published on May 8, 2013, included 679 citizens. The IRS publishes the list to comply with the Health Insurance Portability and Accountability Act (HIPPA) of 1996.
Lists issued in other quarters have included well-known personalities, such as Denise Rich, songwriter, socialite and the former wife of a pardoned billionaire who has given up her U.S. citizenship, and, in doing so, will reportedly save millions in U.S. taxes. Rich appeared under her maiden name, Denise Eisenberg. And Facebook co-founder Eduardo Saverin, who made billions off the world’s most popular social network, has also chosen to renounce his U.S. citizenship in favor or residence in Singapore, where there is no capital gains tax.
Ethics seem to be in conflict with what is most profitable. Shocking.