However, giving up on U.S. citizenship doesn't make all of your financial problems go away. To renounce citizenship, you have to prove five years of U.S. tax compliance. If you're wealthy and have a net worth greater than $2 million or average annual net income tax for the five previous years of $157,000 or more for 2014 , you'll pay an exit tax. If you aren't wealthy, you'll still have to pay a fee for renouncing your citizenship. That fee just jumped jumped from $450 to $2,350 in 2014. If that sounds steep, it's because exit fees in other developed nation are 20 times lower.
While U.S. citizens abroad are stuck with FATCA until Trump is sworn in and gets around to repealing it, deVere's Green implores him to do so sooner rather than later.
"This is a golden opportunity for Trump to show his mettle and reverse a fatally flawed, misguided, imperialistic law that's nothing more than a masterclass in the law of unintended consequences," Green says. "Once in the White House, he must do the right thing and show some backbone on FATCA."