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2020 is the record year for Americans giving up their citizenship

2020 is the record year for Americans giving up their citizenship

According to a new research, 2020 is the record year for Americans giving up their citizenship. 6,045 Americans gave up their citizenship in the first nine months of 2020, a 234% increase on the same 9 months to in 2019. This is the highest year on record, with the previous highest being 5,411 cases in 2016. Americans are required to pay a $2,350 fee to renounce their citizenship.

Timothy
Timothy
Zreak
Zreak 3 weeks

How can we charge people $2,350 to renounce their citizenship? Im assuming most of those that wish to renounce are living in other countries and probably already have citizenship with the country they are in. They no longer want to be a part of the U.S., or pay U.S. taxes but we hold them ransom and say you have to pay us this fee or you have to keep paying taxes?? I could understand a small filing fee for the paperwork process but $2,350 seems very excessive.

TexasReb
TexasReb 3 weeks

While a 200+% increase is significant, the 6,000+ who gave up their citizenship is statistically completly insignifcant.

jane
jane 3 weeks

I'm an expat and I totally understand why. I moved to England in 2012 and became self employed. Every year, even if you're poor, you have to FILE usa taxes. You don't have to pay twice if you already pay in England, but the going rate for FILING fees is $600. When I switched from self employed to a small business, that went up to $2000. I value my citizenship and I don't want to give it up, but this exit tax would pay itself off in less than 2 years.

Timothy
Timothy 3 weeks

One of the main links I noticed the story https://www.prnewswire.com/news-releases/record-year-for-americans-giving-up-citizenship-reports-bambridge-accountants-new-york-301163212.html

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