Chinanews, August 10th. According to US media reports, more and more American citizens have given up their nationality. A report released on the 9th local time showed that in the first half of 2020, a total of 5,816 people gave up US citizenship. The analysis pointed out that the US government's excessive tax recovery may be the main reason.
On August 9, local time, pedestrians in Times Square, New York, USA.
According to reports, the number in the first half of 2020 has increased by more than ten times compared with the number in the second half of 2019, when 444 citizens renounced American citizenship. Throughout 2019, a total of 2072 people renounced American citizenship.
At the same time, the number of 5,816 people who renounced US citizenship in the first half of 2020 alone also broke the record of 5,409 people who renounced US citizenship in 2016.
According to the report, the American Bainbridge Accounting Firm prepared this report by collating public data from the government. The report did not elaborate on the reasons why these people gave up their citizenship, but the analysis pointed out that the main reason is that the US government is too active in tax collection.
Bainbridge, a partner at the accounting firm, said that even U.S. citizens living overseas must file tax returns, including foreign bank accounts, investments, and pensions outside the United States.
In addition, the new crown pneumonia epidemic and political issues may also be the reasons why many people renounce American citizenship. Bainbridge said, "We have seen how the US government is responding to the crisis of the new crown pneumonia epidemic, and we have seen the political policies of the United States." He also predicted that this trend will only continue to rise. "A lot of people are waiting for the November elections to see what happens."
According to reports, Americans must pay a fee of US$2,350 to renounce their citizenship, and Americans abroad must go to the US embassy in person to apply.