Those renouncing their US citizenships blamed the political climate in the country saying it is ‘too much to bear.’
New research shows that both residents and expats living abroad are cutting ties with America in record numbers.
More than 5,800 Americans renounced their citizenship in the first half of 2020 a 1210% increase from the last six months of 2019.
The figures come from New York-based firm Bambridge Accounts.
“There has been a huge turnaround during coronavirus of US expats renouncing [citizenship], where the figures have been in steep decline since 2017,” said Alistair Bambridge, a partner at Bambridge Accounts.
“The huge increase in US expats renouncing [citizenship], from our experience, is [due to the fact] that the current pandemic has allowed individuals the time to review their ties to the US and decide that the current political climate and annual US tax reporting is just too much to bear,” said Bambridge.
The number of Americans who gave up their citizenship in the first six months of 2020 was more than double the figure for all of 2019, in which a mere 2,072 citizens cut ties to the US.
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