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Americans abroad renounce citizenship to escape tax law's clutches A growing number of Americans are renouncing their citizenship to escape the consequences of FATCA, a law that requires foreign banks to report the assets of U.S. account holders to the IRS. It was designed to go after wealthy Americans keeping money overseas to avoid taxes, but is also ensnaring regular people living abroad. Rather than risk steep penalties for failing to provide the information, some banks refuse to open accounts for U.S. citizens at all. Although the U.S. Treasury is planning guidance that would offer some relief to foreign residents and banks, some Americans are acting now rather than wait for change. Of the approximately 9m U.S. citizens living abroad, about one in four have considered ditching their citizenship, according to the tax firm Greenback Expat Tax Services. For 40% of them, it’s because of the burden of filing U.S. taxes every year.