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According to federal records released by the United States Tax Administration (IRS) every 3 months, 2,909 Americans living abroad in the first three months of 2020 voluntarily relinquished U.S. citizenship.
While the number of those who abandoned U.S. citizenship was 261 in the last quarter of 2019, this number increased by 1015 percent in the first quarter of this year.
Last year, a total of 2.72 people renounced US citizenship.
THE MOST IMPORTANT ASSET TAX LOAD
According to experts at New York-based accounting firm Bambridge, Americans who hold dual citizenship and live abroad want to abandon American citizenship due to increased tax burdens due to the Kovid-19 outbreak.
Experts say that American citizens living abroad must report all their foreign bank accounts, investments, and pensions that cover their income each year, and pay taxes to the United States.
Americans who do not intend to return to the United States also prefer to exit citizenship to get rid of this burden.
A record broken in the year the trumpet is chosen
According to official records, approximately 9 million U.S. citizens live outside of the United States.
Americans who want to get out of citizenship must apply to the United States embassy in their country and pay $ 2,350.
The number of those who left the citizenship broke a record with 2,365 people at the end of 2016, when Donald Trump was elected president.
