Washington: Following the governments implementation of strict laws regarding tax evasions, a large number of Americans have surrendered their American nationalities to avoid punishment. As many as 1577 former Americans have surrendered their nationalities in the first half of the calendar year which includes owners of large businesses.
Big Businessmen in America follow a practice of spreading their businesses and accounts among numerous banks in different countries around the world. They then collaborate with these banks to hide their assets and avoid paying taxes to their government.
To deal with this issue, the American government implemented strict laws from July which has forced many banks around the world to provide information about such hidden assets to the government. These banks also include the infamous banks of Switzerland which are a safe haven for wealthy tax evaders and political personalities to hide their shady earnings.
The new law requires Americans to pay taxes to the government, wherever they conduct business in the World which has raised alarm bells among tax evaders and frauds who now prefer to surrender their American nationality rather than give up their wrongful wealth.