5800 Americans give up citizenship in 2020 ... Know the reasons
Taxes are among the reasons for giving up the US passport. Archive
CNN said that a record number of Americans are increasingly giving up their nationality for various reasons, including taxes. Compared to 2,072 Americans who did so throughout 2019.
CNN quoted Bamridge Acents, which specializes in taxes for Americans abroad and British expatriates, that studying public data indicates an increase in the abandonment of citizenship, as Alistair Bambridge, a partner in the company, said that there are people who have already left the United States, and decided that they have met all Thing".
He continued: There are other reasons, including how the US administration deals with the Corona epidemic, which raises growing concerns among many Americans.
CNN said that while many of those who have renounced their citizenship have complained that they are unhappy with the current political climate in the United States, another reason for their decision is often tax. According to the company, Americans living abroad must file a tax return. Every year, they report their offshore bank accounts, their investments and retirement.
While these citizens were able to obtain incentive checks worth $ 1,200, and $ 500 per child, for many, the annual tax report in the United States is too much.
And Americans who give up their citizenship must pay $ 2,350 and appear in person at the US embassy in the country in which they reside if they are not in America.
CNN says that despite the risks of giving up US citizenship, Bambridge predicts that this trend will continue.