After the presidential election, some citizens planned on renouncing their citizenship and moving abroad to Canada, or elsewhere. It would be interesting to survey those who stated this proposition to see if they followed through on their promise (or threat).
The Immigration and Nationality Act applies to U.S. citizens who exercise the right to voluntarily renounce their U.S. citizenship. However, potential relocating Americans must realize that renouncing American citizenship has profound implications on any future return to the United States. Why? Signing an oath of renunciation is an irrevocable act for Americans over the age of 18. Despite this serious implication, the number of individuals that renounced their citizenship in 2015 was eighteen times as many Americans that renounced their citizenship in 2008, which set yet another record for the third consecutive year.
In an effort to combat offshore tax evasion, the United States and Singapore have pledged to negotiate and sign by the end of 2016 a tax information exchange agreement (TIEA) and a FATCA intergovernmental agreement (IGA) that provides for the reciprocal automatic exchange of financial account tax information.
The U.S. and Singapore governments issued a joint statement promising cooperation on tax issues affecting both nations. The intergovernmental agreement would provide for the reciprocal automatic exchange of information with respect to certain financial accounts under the Foreign Account Tax Compliance Act (FATCA). The two countries are to complete negotiations and sign the agreements by the end of 2017.