A record number of Americans are renouncing their citizenship. In just the first half of this year, 5,315 Americans gave up their citizenship. That puts the country on track to see a record-breaking 10,000 people renounce U.S. citizenship in 2020. Until a decade ago, fewer than 1,000 Americans per year, on average, chose to renounce their citizenship...
In surveys and testimonials, these people say they’re dropping their U.S. citizenship because American anti-money-laundering and counterterrorism regulations make it too onerous and expensive to keep...
Still, all American expats — even those who’ve lived abroad for decades, earn no income in the U.S., and hold no U.S. assets — must submit an annual tax return to the Internal Revenue Service. Now, ever since Congress strengthened anti-money-laundering and counterterrorism financial reporting requirements, many have had to hire costly international accounting firms to do their taxes.
A firm offering tax services to expats cites its straw poll indicating almost a quarter of all US expats want to give up citizenship already. You'd think the firm is honest since it would be lost business to them:
89% of expats feel their concerns are less likely to be addressed than those of Americans living in the U 23% of expats are seriously considering renouncing their US citizenship or already have plans to renounce. 23% said they were interested in citizenship renunciation because they were disappointed with the direction of the US government—a 6% increase from last year.
The world looks at America and sees an inequitable, racist and violent society with next to nothing going for it. Filled with COVID-19 and massive debt loads, what person in his or her right mind would want to be financially shackled to such a decrepit society? Why pay for the "privilege" of being American, in short? To invert Trump, before calling other countries "shitholes," see just how your people with knowledge about the wider world regard your country.
Unsurprisingly, more and more expat Yanks want out... for good.
