Despite the many disincentives associated with giving up the world's most sought-after citizenship, there seems to be a steep surge in the number of people queuing up to sever their American connection for good.
A record number of people gave up their American citizenship during the first six months of 2020, CNN reported quoting freshly published data.
The data, collated by Bambridge Accountants, showed that over 5,800 people let go of their citizenship in the period under review, a sharp jump from 2,072 in all of 2019.
Bambridge Accountants, a New York company that specialises in UK expats, US expat tax and other related matters, came up with these numbers based on official figures released every quarter that contain details about people who've given up citizenship.
The surge in the number of such people could be a function of President Trump's activities, "how the coronavirus pandemic is being handled, and the political policies in the US at the moment," said Bambridge.
Bambridge predicts that the queue will only get longer.Many others are only waiting for November, it said, adding that if Trump is reelected there will be a huge wave of people ready to give up on America.
to claim Covid stimulus cheques.
Under current rules, people who want to give up their US citizenship have to shell out $2,350, besides having to appear in person at the US embassy in their country of residence.
Americans living abroad have to still file tax returns annually, besides making available details of their offshore bank accounts, pensions and investments. According to Bambridge, the annual tax reporting hassle is turning out to be "just too much" for many people, despite them being able to claim Covid stimulus cheques.
Under current rules, people who want to give up their US citizenship have to shell out $2,350, besides having to appear in person at the US embassy in their country of residence.
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