Nearly six thousand Americans renounced their citizenship in the first six months of 2020, a massive increase over the previous six months.
The numbers were reported by Bambridge Accountants New York, a firm which specializes in taxes for United Kingdom expatriates and U.S. citizens, which reviewed a government list of Americans who have renounced their citizenship. An IRS rule requires the government to publish these names every three months.
In the first six months of 2020, a whopping 5,816 Americans renounced their citizenship, more than twice the number who renounced in all of 2019. The first six months also showed a massive increase over the previous six months – a 1,210% increase from the 444 people who renounced during that time.
The second quarter of 2020 saw nearly the same number of Americans renounce their citizenship as the first quarter, when 2,909 renounced, creating a new record. Slightly fewer (2,907) renounced in the second quarter of 2020. Just 2,072 Americans abandoned their citizenship in all four quarters of 2019.
Bambridge reported that the U.S. response to the coronavirus pandemic, as well as the current political climate and “onerous tax reporting” were the apparent reasons for the increase in Americans renouncing their citizenship. – READ MORE
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