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Thursday, May 14th, 2020

Americans Giving Up Citizenship Faster Than Ever Before Reports Bambridge Accountants New York

Author:    
Source:     NEWSWIRE
Publication Date:     11 May 2020
 Link: Americans Giving Up Citizenship Faster Than Ever Before Reports Bambridge Accountants New York
Stephan:   "2,909 Americans gave up their citizenship in the first 3 months of 2020" this report says. It is not that large a number, but it is the largest on record, and the fact that even these numbers exist at all tells us that an almost unimaginable trend is really beginning. The best estimates are that between 3.6 and 4.2 million Americans are ex-pats; Americans whose principal residence is outside of the United States. But most years in the past few of them gave up their citizenship because they believed that if things went bad they could "go back to the States." I have known a number of them, including my sister. But what if the U.S. is not the place to go to ground but, instead, a place with which you don't want to have a connection? That's what these numbers are telling us.

Americans are renouncing their citizenship at the highest levels on record, according to research by the Enrolled Agents and accountants Bambridge Accountants New York.

·      2,909 Americans gave up their citizenship in the first 3 months of 2020 

·      Showing a 1,015% increase on the prior 3 months to December 2019 where only 261 cases were recorded

·      2,072 Americans gave up their citizenship in 2019 in total

·      This is the highest quarter on record, the previous record was 2,365 cases for the fourth quarter of 2016

·       It seems that the pandemic has motivated U.S. expats to cut ties and avoid the 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. 

There are an estimated 9 million U.S. expats. The trend has been that there has been a steep decline over the last few years for U.S. citizens expatriating – the first 3 months of 2020 is a huge increase in the number of Americans renouncing their citizenship.

Under the IRS […]

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