Record Numbers Of People Are Giving Up Their US Citizenship Because Of Trump
More people than ever are giving up their US citizenship and it’s mostly because of President Donald Trump, new research published on Sunday suggests.
More than 5,800 Americans gave up their citizenship in the first six months of 2020, the highest number on record and more than double the number of Americans who renounced their citizenship throughout the entire of 2019 (2,072).
The 5,816 Americans who gave up their citizenship this year is also a 1,210% increase on the prior six months – up until December 2019 – where only 444 cases were recorded.
The data was published by Bambridge Accountants, a New York-based firm specialising in US expat tax, UK expats, actors and other creatives in the US and the UK.
The firm said it examined public data, published by the US government every three months, to find the names of every American who gave up their citizenship.
Alistair Bambridge, a partner at Bambridge Accountants, told CNN:
These are mainly people who already left the US and just decided they’ve had enough of everything.
What we’ve seen is 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.
Although many people who renounced their citizenship had complained of being unhappy with the current political climate in the US, another reason people gave it up was the tax situation, Bambridge said.
US citizens living abroad are still required to file tax returns every year and report their foreign bank accounts, investments and pensions – and despite the fact these citizens are still able to claim $1,200 stimulus checks and $500 for each child, the annual US tax reporting is ‘just too much’ for many, according to Bambridge.
As such, many Americans have decided to simply give up their citizenship, but doing so isn’t a simple or cheap process; Americans who want to relinquish their citizenship must pay $2,350 and appear in person at the US embassy in their country if they are not in America.
And despite the risks that come with giving up a US citizenship – including the risk of becoming ‘stateless’ if you don’t become a citizen of another nation – Bambridge predicts the trend will only continue going up.
‘A lot of people are waiting for the November election to see what’s going to happen,’ he said. ‘If President Trump is reelected, we believe there will be another wave of people who will decide to renounce their citizenship.’
Hopefully that won’t be the case come November…
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