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  1. #1
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    Klondyke's Avatar
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    Americans Continue Giving Up Citizenship

    Americans Continue Giving Up Citizenship at Record Levels
    Reports Bambridge Accountants New York
    Aug 06, 2020

    NEW YORK, Aug. 6, 2020 /PRNewswire/ -- Americans are continuing to renounce their citizenship at the highest levels on record, according to research by the Enrolled Agents and accountants Bambridge Accountants New York.

    5,816 Americans gave up their citizenship in the first six months of 2020

    Showing a 1,210% increase on the prior six months to December 2019, where only 444 cases were recorded

    2,072 Americans gave up their citizenship in 2019 in total

    This is the second highest quarter on record; the record is 2,909 cases for the first quarter of 2020

    It seems that the pandemic has motivated U.S. expats to cut ties and avoid the current political climate and onerous tax reporting
    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 an estimated 9 million U.S. expats. The trend has been that there has been a steep decline over the last few years of U.S. citizens expatriating - the first six months of 2020 is a huge increase in the number of Americans renouncing their citizenship.

    Under the IRS rules (section 6039g), every three months the U.S. Government publishes the names of all Americans who give up their citizenship. The first six months for 2020 had 5,816 Americans renouncing their citizenship, far more than the total of the four quarters for 2019 (2,072 Americans renounced).

    Alistair Bambridge, partner at Bambridge Accountants New York, explains: "There has been a huge turnaround during coronavirus of U.S. expats renouncing, where the figures have been in steep decline since 2017.

    "The huge increase in U.S. expats renouncing from our experience is that the current pandemic has allowed individuals the time to review their ties to the U.S. and decide that the current political climate and annual US tax reporting is just too much to bear.

    "For U.S. citizens living abroad, they are still required to file U.S. tax returns each year, potentially pay U.S. tax and report all their foreign bank accounts, investments and pensions held outside the U.S. For many Americans this intrusion is too complicated, and they make the serious step of renouncing their citizenship as they do not plan to return to live in the U.S.

    "There has been a silver lining for U.S. expats that they have been able to claim the stimulus check of $1,200, and $500 for each child. For those individuals and families, the proposed second stimulus check will be very welcome once the HEALS Act is approved.

    Contact Alistair Bambridge, alistair@bambridgeaccountants.com, +1 646 956 5566.

    Bambridge Accountants New York is a New York-based firm specializing in U.S. expat tax, U.K expats, actors, other creatives in the U.S. and U.K.

    Bambridge Accountants- Creative Industry Tax Experts- UK, US, CANADA

    Americans Continue Giving Up Citizenship at Record Levels Reports Bambridge Accountants New York

  2. #2
    Thailand Expat misskit's Avatar
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    Interesting. Looking at the list of surnames it appears most were probably long time dual citizens and that had another citizenship existing where they lived when they renounced the US one. Tax dodging. Federal Register
    ::
    Quarterly Publication of Individuals, Who Have Chosen To Expatriate, as Required by Section 6039G

  3. #3
    Your local I.Q. Monitor
    Hugh Cow's Avatar
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    Bit of a non story really. Singapore looses about 1200 citizens a year and per head of population far exceeds the USA. It would be interesting to see how many Russians. I suppose you'd just count the bodies floating down the Volga.

  4. #4
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    Klondyke's Avatar
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    ^Isn't it the "whataboutism", what you many times complained about? Just curious...

  5. #5
    Thailand Expat
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    Quote Originally Posted by misskit View Post
    Tax dodging.
    I would think so.

  6. #6
    Thailand Expat jabir's Avatar
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    6k is hardly a lot of people giving up their US citizenship, more than that believe the moon landing was a hoax and the earth is flat; at today's expectations if you post that Goofy masterminded 911 you would probably have a few subscribe to that as well.

  7. #7
    disturbance in the Turnip baldrick's Avatar
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    Quote Originally Posted by Klondyke View Post
    stimulus check of $1,200
    this was ludicrously small and only a one off - the second one has yet to be approved - considering most other first world countries paid a monthly boosting payment with minimal barriers to citizens to get it

    the USA is a sh1tshow

  8. #8
    Pedantic bastard
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    It is not as simple as paying a 2 thousand bucks fee. In addition you have to pay tax on all your possessions, including property you own. It can be very, very expensive.

  9. #9
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    Buckaroo Banzai's Avatar
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    Things are not going well in the US and it is a good idea to have a plan B but it is not time yet to give up on plan A except of a few that plan B is better than plan A.
    I am in the process of getting a Greek citizenship and by extension an EU citizenship, but the US government still writes me a substantial Social Security check every month, It will provide me with Medicare in less than two years, in addition my wife will receive a portion of my social security after my death . I also receive a pension from my tenure with my reade union, which my wife will continue getting 80% after my death, and a number of other benefits being a US citizen.
    I am not about to cut my nose off to spite my face. I will continue getting the best both systems have to offer to me.
    For a very few (5,000 our of 331,000,000) an minuscule insignificant percentage of the population it might make either economic, political or philosophical sense, But for the vast majority it does not.
    The sooner you fall behind, the more time you have to catch up.

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