NEW YORK, March 9, 2020 / PRNewswire / – Americans renounce their citizenship at the lowest rates since 2012, and if the trend continues we will see the lowest rates since the start of registration, according to research by registered agents and accountants Bambridge Accountants New York.
- 2,072 Americans abandoned their citizenship in 2019, down 48% from the previous year
- Americans give up citizenship at lowest rates since 2012
- “Trump and taxes” credited with the drop in the number of Americans turning their backs on the United States
- If trend continues, US citizens will forgo the lowest rates since record highs began in 1994
The process is neither quick nor cheap. Americans have to pay a $ 2,350 government fees for the privilege of renouncing their citizenship, and those based abroad must do so in person at the U.S. Embassy in their country.
There are around 9 million American expatriates, the trend is worldwide. In the third and fourth quarters of 2019, 183 and 261 Americans around the world have renounced their American citizenship – the lowest levels since 2012.
According to rules which, according to critics, amount to naming and shaming, the American government publishes every three months the names of all Americans who renounce their citizenship. The last two lists of 2019, published 4 years after Trump’s presidency, show that Americans are renouncing the lowest level since 2012 when Barack Obama was at the White House.
Rates are now below the majority of the quarters declared under President Obama and if the trend continues we will see the smallest number of Americans abandon their citizenship since the start of the cases in 1994.
Alistair Bambridge, partner at Bambridge Accountants New York, explains: “Americans tend to be patriots, for whom cutting ties with their homeland is a drama and often very emotional step.”
“The decline in the number of American citizens who renounce their citizenship speaks volumes about how many of them think about two things – Trump and taxes. “
“President Trump’s tax reform and his continued presidency have reversed the tendency of Americans to give up their citizenship to avoid intrusive tax rules for American expatriates. The scope of the US treasury has long been famous and American citizens have to file a declaration of US income each year – wherever they are in the world – as well as reporting any money they, their spouse, or their children hold in a foreign bank account. $ 10,000 well.”
“Such draconian rules were introduced to end tax evasion, but for Americans who have taken up residence abroad, they have become an expensive and unpleasant means. burden.”
Contact Alistair Bambridge, [email protected], 646 956 5566.
Bambridge Accountants New York is a New York-based firm specializing in actors, other creatives and expatriates.
www.bambridgeaccountants.com
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SOURCE Bambridge Accountants New York
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