39% rise in renounced US citizenship

The number of Americans renouncing US citizenship increased 39% in the three months to September after rules that make it harder to hide assets from tax authorities came into force.

People giving up their nationality at US embassies increased to 776 in the third quarter, according to Federal Register data.

The appeal of US citizenship for expatriates faded further as more than 100 Swiss banks began to turn over data on American clients to avoid prosecution for helping tax evaders.