CNN reports new research reveals a record number of people are giving up their US citizenship.
Bambridge Accountants is a New York-based firm specializing in US expatriate tax, UK expatriates, actors, and other creatives in the US and the UK.
The firm says more than 5,800 Americans gave up their citizenship in the first six months of 2020.
That’s compared to the 2,072 Americans who renounced their citizenship in all of 2019.
People are over everything happening with President Donald Trump, how the coronavirus pandemic is being handled, and the political policies in the US at the moment. Alistair Bambridge Partner, Bambridge Accountants
Another contributing factor to the phenomena is the increasingly complex tax filing demands made on dual nationals.
Americans who want to relinquish their citizenship must pay $2,350 to do so. If not in America, they must appear in person at the US embassy in their country.
