Expatriation Soars On Approach Of FATCA Deadline

“I wouldn’t join any club that would have me as a member.” — Groucho Marx

I know how he feels, and so do an increasing number of Americans.

Of course, Groucho’s crack was meant to poke fun at his own disreputable persona. But a skyrocketing number of Americans are deciding that they want to leave “Club U.S.A.” for good. The country itself is becoming a disgrace, and they no longer want to be associated with it.

Indeed, almost 3,000 Americans officially renounced their U.S. citizenship in 2013, according to Treasury Department records. As you can see in the chart, that’s a 221 percent increase over the previous year.

They join illustrious ex-Americans such as singer Tina Turner, Facebook founder Eduardo Saverin, filmmaker Terry Gilliam and songwriter-socialite Denise Rich, all of whom have renounced their U.S. citizenship in the past few years.