August 12 2020

Anna Murray 

According to the data from Bambridge Accountants, the number of dropping out the U.S. Citizenship increased in the first half of 2020. Bambridge Accountants is a New York-based company, specializing in UK expats, US expat tax, and other related issues. It indicated that about 5,800 people were renouncing their citizenship in the first six months in 2020 while there were only 2,072 Americans in the whole year of 2019. 

Bambridge Accountants pointed out that there might be three reasons for the phenomena: the US government’s response to COVID-19, the political policies, and the taxes. Furthermore, it anticipated that the situation would aggravate if the US President Trump is reelected in the November election. 

The US citizens living abroad also have to hand in the tax returns, including the investment, pensions, and bank accounts abroad. As a consequence, the annual tax reporting difficulty in the US, as reported by Bambridge Accountants, is "just too much” for the US citizens, although they can claim the $1,200 stimulus checks and $500 for each child. Another reason is the stimulation of the COVID-19 pandemic. 

If the US citizen wants to abandon the citizenship, it would cost them $2,350. Besides, if the Americans want to apply for leaving the US, they have to show up at the US embassy. 

Photo:Webshot.