More And More People Are Renouncing Their US Citizenship

A record number of Americans are renouncing their US citizenship, according to a New York accounting firm.

In the first half of 2020, 5,816 people renounced their US citizenship, which is 1210% more than in the previous six months (only 444 renouncements of citizenship were registered). And 64% more compared to the number of refusals last year (2,072 people).

"These are mostly people who have already left the US."

As for the first two quarters, they are the first and second largest in the entire history of observations: 2909 and 2907.

There are currently about nine million Americans living outside the United States who must file tax returns and report all of their foreign bank accounts, investments, and pensions every year. With the current situation, it is becoming increasingly difficult for people to fulfill the necessary requirements.

To renounce their citizenship, Americans must pay a fee of $2,350. Those abroad should do this at the US embassy.

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