Economic insecurity and harsh taxation system have forced people to goodbye their citizenship.
The feeling of one’s attachment to the country of birth is gradually fading. Although the USA attracts immigrants globally, the citizen is already packing their bags for other countries leaving their citizenship and permanent residency. Whereas, thousands of immigrants are risking their lives entering Australia and Europe. The major reason behind, among others, is the economy.
The figure of Americans denouncing their passport has soared lately. Particularly, the new tax law, Foreign Account Tax Compliance Act (FATCA) is infuriating many expats. According to Federal Register, 776 US citizens bid their final goodbye to the US. Whereas, altogether 2,999, a 221% increase from the previous years of denouncement, was seen in 2013.
Similarly, a large number of Russians left their country in 2014 than before. Russia’s official statistics service, Rosstat, shows the exodus of 186,382 Russians in 2013 and 122,751 in 2012. Besides Putin’s policy of isolating Russia from the outside world, and the glimpse of severe recession due to western sanction made them to think about their future outside Russia.
Nearly half of China's business leaders with more than $16 million of wealth have investments overseas, according to the research firm, Bain Consulting. Now, China’s fortune of hundreds of billions of dollars, and waves of millionaires are flocking out of China to overseas. The wealthy are moving to protect their wealth, their health and their families. As well, with increasingly cracking down on ill-gotten gains and corruption, several politically connected rich are eyeing for safer shelters abroad.
The exodus of the citizen of the big economy to safe havens for securing their hard gotten wealth shows that economy greater role than nationalism. The era of utter nationalism where people were motivated to serve, live or even die for their birthplace is gradually shifting to economic domain. The globalization has further made the border permeable for those willing to migrate.
In a nutshell, if you want to retain your citizen, don’t impose more economic burden over them. Simple!
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