(PRNewswire) Americans are continuing to renounce their citizenship at the highest levels on record, according to research by the Enrolled Agents and accountants Bambridge Accountants New York.
- 5,816 Americans gave up their citizenship in the first six months of 2020
- Showing a 1,210% increase on the prior six months to December 2019, where only 444 cases were recorded
- 2,072 Americans gave up their citizenship in 2019 in total
- This is the second highest quarter on record; the record is 2,909 cases for the first quarter of 2020
- It seems that the pandemic has motivated U.S. expats to cut ties and avoid the current political climate and onerous tax reporting
Americans must pay a $2,350 government fee to renounce their citizenship, and those based overseas must do so in person at the U.S. Embassy in their country.