Many people are losing their US citizenship, new research reported released on Sunday. As per Bambridge Accountants, a New York-based company specializing in US ex-pat business, British ex-pats, actors and other creatives in the US and British, more than 5,800 Americans gave up their citizenship in the first six months of 2020 compared to the 2,072 Americans who gave up their citizenship in all of 2019. The company New Research said it was analyzing public data about the names of all Americans who gave up their citizenship, released by the US government every three months.
While many people who have renounced their citizenship complain of being unhappy. It is with the current political climate in the US today. Bambridge says another reason for their decision is often taxes. Every year, US citizens living abroad still have to file tax returns. Also, report their foreign bank accounts, investments, and pensions, he said. Although these people may demand the $1,200 stimulus checks and $500 for each boy, the annual US tax reporting “is just too much for many.”
Americans wishing to lose their citizenship must pay $2,350. Also, appear in person at their country’s US embassy unless they are in America. Given the dangers of giving up a US citizenship, Bambridge predicts the phenomenon will only continue to rise.