Americans are giving up their citizenship at record levels, according to a research by Bambridge Accountants New York.
5,816 Americans gave up their citizenship in the first six months of 2020, which is 1,210% increase compared to the last six months of 2019, where only 444 cases were recorded.
In all, 2,072 Americans gave up their citizenship in 2019.
Bambridge in its release wrote, “It seems that the pandemic has motivated U.S. expats to cut ties and avoid the current political climate and onerous tax reporting.”
US citizens living abroad are still required to file tax returns every year, report their foreign bank accounts, investments, and pensions
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 close to 9 million Americans living abroad.
Bambridge predicts that the trend will only continue going up.
“If President Trump is reelected, we believe there will be another wave of people who will decide to renounce their citizenship,” Alistair Bambridge told CNN.