Tougher asset-disclosure rules that started July 1 under the Foreign Account Tax Compliance Act (FATCA) prompted more of the estimated 6m US citizens living overseas to give up their passports according the Federal Register. So far, 2,353 Americans have renounced their citizenship this year, close to the all-time high of 2,369 in the first nine months of 2013 says Bloomberg .

The appeal of US citizenship for expatriates faded further when Swiss banks began to hand over data on US clients to avoid prosecution for helping tax evaders.

This information is also relaid by Forbes.