Americans are quickly giving up their citizenships, according to Bambridge Accountants New York.
Research by enrolled agents and accounts show that Americans are renouncing their citizenships at the highest levels on record.
In the first three months of the year, 2,909 Americans gave up their citizenship, which is a 1,104% increase from the three months before where only 261 cases were reported.
The numbers reported in 2020 already are more than were logged in 2019 total. Last year, 2,072 Americans gave up their citizenship.
The last time citizenships were given up so quickly was the fourth quarter of 2016, which had 2,365 cases.
“There has been a huge turnaround of U.S. expats renouncing, where the figures have been in steep decline since 2017,” Alistair Bambridge, partner at Bambridge Accountants New York, said in a statement. “The surge in U.S. expats renouncing from our experience is that the current pandemic has allowed individuals to get their affairs in order and deal with an issue they may have been putting off for a while.”
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