Rich Americans give up their citizenship to avoid taxes

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An increasing number of wealthy Americans living abroad are opting to give up their citizenship as offshore account holders are forced to comply with international demands for greater transparency.

Lawyers are reporting a surge in requests from Americans wanting to give up their citizenship, particularly since the introduction of new tax laws in the closing months of President George W Bush's term last year.

Jay Krause, a partner at privateclient specialist law firm Withers, said: "Since the introduction of the so-called `exit tax' last year, more and more Americans living abroad are inquiring about giving up their citizenship."

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