[Ed. – Not sure why the coronavirus per se would produce this result. It makes me wonder if a particular subset of expats thinks it knows something.]
Americans are renouncing their citizenship at the highest levels on record, according to research by the Enrolled Agents and accountants Bambridge Accountants New York.
- 2,909 Americans gave up their citizenship in the first 3 months of 2020
- Showing a 1,015% increase on the prior 3 months to December 2019 where only 261 cases were recorded
- 2,072 Americans gave up their citizenship in 2019 in total
- This is the highest quarter on record, the previous record was 2,365 cases for the fourth quarter of 2016
Alistair Bambridge, partner at Bambridge Accountants New York, explains: “There has been a huge turnaround of U.S. expats renouncing, where the figures have been in steep decline since 2017. …”