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Monday, November 2nd, 2020

Record Year for Americans Giving Up Citizenship, Reports Bambridge Accountants New York

Author:    
Source:     Bambridge Accountants New York
Publication Date:     Oct 29, 2020, 13:00 ET
 Link: Record Year for Americans Giving Up Citizenship, Reports Bambridge Accountants New York
Stephan:   We talk a great deal about immigration, but very little about emigration; many people don't even know what the word means. But during the Trump era emigration has become an issue, one that I see as a symptom of America's societal illness. People leave the nation of their origin to move permanently to another country usually because they have come to find something about their home country intolerable. Consider this report; it is telling us something to which we should be listening.
Americans Renouncing 2020
Americans Renouncing 2020

NEW YORK, NEW YORK — 2020 is the record year for Americans giving up their citizenship, according to research by the Enrolled Agents and accountants of Bambridge Accountants New York.

  • 6,045 Americans gave up their citizenship in the first nine months of 2020 
  • Showing a 234% increase on the same 9 months to in 2019, where only 1,811 cases were recorded
  • 2,072 Americans gave up their citizenship in 2019 in total
  • This is the highest year on record; the previous record was 5,411 cases in 2016. Already in 2020, with 3 months still to report, 6,045 is the record number of cases in a year
  • This is all while the U.S. State Department has stopped Americans being able to book appointments to renounce at many U.S. Embassies since March 2020

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 of U.S. citizens expatriating – the first six months of 2020 is a huge increase in the […]

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