People are giving up American citizenship in record numbers, data reveals
Despite the many disincentives associated with giving up the world's most sought-after citizenship, there seems to be a steep surge in the number of people queuing up to sever their American connection for good.
A record number of people gave up their American citizenship during the first six months of 2020, CNN reported quoting freshly published data.
The data, collated by Bambridge Accountants, showed that over 5,800 people let go of their citizenship in the period under review, a sharp jump from 2,072 in all of 2019.
Bambridge Accountants, a New York company that specialises in UK expats, US expat tax and other related matters, came up with these numbers based on offi al figures released every quarter that contain details about people who've given up citizenship.
The surge in the number of such people could be a function of Presi nt Trump's activities, "how the coronavir s pandemic is being handled, and the po itical policies in the US at the moment," said Bambridge.
Bambridge predicts that the queue will only get longer.
Many others are only waiting for November, it said, adding that if Trump is reed there will be a huge wave of people ready to give up on America.
Another big reason is taxes, it added.
Americans living abroad have to still file tax returns annually, besides making available details of their offshore bank accounts, pensions and investments. According to Bambridge, the annual tax reporting hassle is turning out to be "just too much" for many people, despite them being able to cm Covid stimulus cheques.
Under current rules, people who want to give up their US citizenship have to shell out $2,350, besides having to appear in person at the US embassy in their country of residence.
if one really wants to settle down abroad then consider Canada...more human, less greed and people who are generally polite...
I have been doing business with small TV stations across Canada for over a decade - I am a US Citizen of Indian decent - and I can tell you that Canadian society is a volcano ready for eruption. White militias and supremacists in Canada are deeper and dangerous than the US. Your Canadian feds and CMP will have no ability to handle them when they go rampage.
Indians should learn to be happy in India rather than roaming around the world..go for a holiday abroad but waste ur life staying in those countries away from ur loved ones..
FEW SMART PEOPLE MIGHT BE EXITING BUT PLENTY OF FOOLS ARE THERE TO APPLY EVEN AFTER SEEING THE SO CALLED DEVELOPED COUNTRY'S PLIGHT IN HANDLING THE PANDEMIC.........................................................................................................................FOR FOOLS IT WILL TAKE TIME TO REALISE THE TRUTH...THAT IS WHY THEY ARE CALLED FOOLS .............ALWAYS LIVING IN DREAMS
It seems CNN has turned anti-American. Is it settling its score with Presi nt trump.
No body is leaving America. Many they are looking opportunities to move to America than living in and similarly many Indians and Africans. Trump has declared he is for America not for other countries, America first. The news article is fishy and fake.
CNN is a garbage
It's a negligible number & the analysis must also show the Income group.. The US still remains The Top destination for both students & workforce for majority of Countries..Every Country will have its share of Problems & in some years a Little more than earlier..That's Life isn't it !
what a piece of shiitt...2-5 thousand people giving up citizenship in a year out of 35 crore is a news?
let's charge 3.5 lakh crores for India citizenship. lots of people worldwide can avail
use money for infrastructure
Who will come to India, only refugees from neighboring. Be realistic. You want to charge the refugees 3.5 lakhs. Wake up to reality.
USA is now no more a melting pot of nationalities, races and cultures, rather it has become a cooking pot of incongruencies, inequities and imbnces.
Black lives are expendable, white lives dominating, health index falling, po itical ethics waning, diplomatic initiative lacking, de ratic innovativeness strangulated, embracing and fraternal spirit fizzling out, and intercepting and interfering mentality on the increase.
now it will be Afrikans who will swarm USA ...
Amadou Adamou Aminou
welcome to Africa
When lakhs wants US citizenship, 5000 wanting to giveup would not make any difference...
hope They don't come to India
That old man spoiled the country,should appreciate the swines ved him to power
who would like to sit in a sinking ship under a joker!
Simply put a lot of people are not happy with the tax laws. If you check to which country these people went you will know the correct answer.
the desire of the third world is to go to the first world countries :)
we are happy to fill those vacancy
They certainly don’t need you !
Countries are becoming self reliant and there is growing cases of prectionism
Rabindra Nath Roy
Trump need not be proved any more what he is. And Indians are always with the Democrat