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Americans Continue Giving Up Citizenship at Record Levels Reports Bambridge Accountants New York

PHOTO: Daily News

6 August 2020

PR NEWS WIRE (BAMBRIDGE) — 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.

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 number of Americans renouncing their citizenship.

Under the IRS rules (section 6039g), every three months the U.S. Government publishes the names of all Americans who give up their citizenship. The first six months for 2020 had 5,816 Americans renouncing their citizenship, far more than the total of the four quarters for 2019 (2,072 Americans renounced).

Alistair Bambridge, partner at Bambridge Accountants New York, explains: “There has been a huge turnaround during coronavirus of U.S. expats renouncing, where the figures have been in steep decline since 2017.” […]

5 Comments on Americans Continue Giving Up Citizenship at Record Levels Reports Bambridge Accountants New York

  1. Why? America is such a nice place.

    Gab/Jared Taylor

    McCown’s Longspur is a bird species named in the 19th century by ornithologist John McCown. The American Ornithological Society announced it will change the name because McCown fought for the Confederacy – after he named the species. Birdbrains.

  2. Four great things US still has going for it — things that other English-speaking countries don’t: won’t end up in jail for speech, gun ownership, no debtors prison, and 50 states from which to choose, many of which are naturally beautiful and not urban cesspools.

    • naturally beautiful and not urban cesspools

      Having traveled some on the ‘blue highways’ of America, these places are/can be nice/appealing as somewhere to live — but people need jobs/career opportunities — especially young people (to point out the obvious) — and the most, and most attractive, jobs are available in urban and suburban areas, something I do not see changing anytime soon — also, urban and suburban centers usually offer many cultural/free time activities popular with young people.

      We should not have to live like this — we should not have to make such trade-offs — America’s urban (and increasingly many suburban) areas should not be “cesspools” — and they should not be allowed to remain that way.

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