11 Aug Jon Cartu Stated: The Number Of Americans Renouncing Their Citizenship Is At …
The number of Americans giving up their citizenship is soaring according to recently released data from Bambridge Accountants, a New York based tax firm. In the first six months of 2020, 5,816 people renounced their citizenship compared to just 2,072 who gave it up throughout the whole of 2019. Between January and June of 2020, the number of people taking the step was up 1,210% on the same period in 2019. The process involves paying a $2,350 government fee and expatriates have to present themselves in person at the U.S. Embassy in their country of residence. Under IRS rules, the government publishes the names of all Americans who have renounced their citizenship every three months.
The vast majority of people who take the big decision to relinquish their citizenship live abroad and they do so for a variety of reasons. For example, some of them tend to cite the U.S. political climate as a factor and it is entirely possible that dissatisfaction with the government’s handling of the coronavirus pandemic is one of the chief reasons for this year’s historical spike. Tax has traditionally also been one of the chief motivating factors. U.S. citizens living overseas still have to file their tax returns every year and provide information regarding their foreign bank accounts, investments and pensions, a laborious process some Americans wish to escape from. Despite that, expats have had a notable benefit this year and that’s claiming the stimulus check of $1,200, along with $500 for every child.
*Click below to enlarge (charted by Statista)