A record number of people are giving up their US citizenship, according to new research.
More than 5,800 Americans gave up their citizenship in the first six months of 2020 compared to the 2,072 Americans who renounced their citizenship in all of 2019, according to Bambridge Accountants, a New York-based firm specializing in US expat tax, UK expats, and more.
“These are mainly people who already left the US and just decided they’ve had enough of everything,” Alistair Bambridge, a partner at Bambridge Accountants, told CNN. “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.”
Another contributing factor to people renouncing their citizenship: taxes.
According to Alistair, many feel the United States’ tax reporting system is “too much.”
It is important to note that US citizens living abroad are still required to file tax returns every year, report their foreign bank accounts, investments, and pensions.
Americans who want to reinstate their citizenship must pay $2,350 and appear in person at the US embassy in their country if they are not in America.
Even with the risks that come with giving up US citizenship, Bambridge predicts that 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.”