England 19/07/2013 – Traditionally, Americans do not emigrate, but in the past two decades that has begun to change.
Slowly, but surely more and more Americans are deciding to leave the US and settle in other parts of the world. The US government does not keep strict records of how many people emigrate. However, many countries around the world report that the number of Americans asking for residency with them has been steadily increasing since the late 1990s. In 1999, around 4 million Americans were registered as permanent residents in other countries. As of 2009 that figure had reached six million, so the number of US citizens living abroad is growing steadily. Interestingly, these figures do not include military personnel or their families.
Because of the fact that more Americans are emigrating there is increasing demand for specialist US tax and financial services. Law requires American citizens, to continue to file tax returns in the US even when they are living and working abroad. Most US citizens take this responsibility seriously. The fines, for not continuing to file their tax returns and pay the US tax they owe, are very high. Because the tax rules and regulations vary from country to country, most US citizens employ a tax accountant that understands the tax laws of their country of residence as well as those of the United States.
More Americans working for foreign firms
Interestingly, more and more Americans are working abroad than ever before. Many are working as contractors and freelancers on short term contracts, so are not always counted as permanent residents. Currently nearly a million Americans include some form of foreign income on their US tax returns.
The fact that more people are working across international borders is keeping firms that specialise in US tax matters like US Tax & Financial Services, very busy. They deal with all kinds of clients from across the world. Some of their clients live in the US, but work over the internet for companies based abroad. They represent a growing group of people who need specialist tax advice to ensure that they pay the income tax they should in the country of the company they work for as well as in the US.