I Hereby Renounce My Citizenship

Experts estimate that nearly 10,000 Americans will renounce citizenship or residency this year, which is a new record. The previous record was in 2016, and 2020 surpassed that in just the first two quarters of the year.

The US requires citizens living abroad to continue to file tax returns, no matter what. Those that have been living abroad may lose patience with this if they don’t have plans to return. It is often expensive and burdensome for many to do this. This could account for some amount of exodus but clearly there are other push factors such as the political unrest and uneven response to the pandemic. It is interesting to note that the two record-holding years for exodus are election years.

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