Research by Bambridge Accountants shows that Americans continue to give up their citizenship at the highest recorded levels, according to research conducted by their New York office (Bambridge Accountants).
Bambridge Accounts published on its website that 5,816 Americans gave up their citizenship in the first six months of 2020, showing an increase of 1,210% over the previous six months to December 2019, when only 444 cases were recorded.
And in 2019 2,072 Americans renounced their citizenship. This means that much more people gave up their nationality in the first six months of 2020 than the total number of those who renounced it in the whole of 2019.
Bambridge Accounts said the pandemic appears to have spurred American expatriates to cut ties and avoid the current political climate and cumbersome taxation.
Americans must pay $ 2,350 in government fees to renounce their citizenship, and those abroad must do so in person at US embassies in the country in which they reside.