According to official statistics, in the second quarter of 2021, 734 people renounced their US citizenship. This is 200% higher compared to the first quarter of 2021.
This rise in the renunciation of citizenship is due to the onerous requirements of the Foreign Account Tax Compliance Act (Fatca) and citizenship-based taxation laws.
Also, the renunciation of citizenship is associated with the events of the last 1.5-2 years. Since March 2020, almost all consular services at US embassies and consulates have been closed, which has led to the restriction of the functions performed for US citizens.
In addition, the Association of Accidental Americans (people who acquired their citizenship by birth in the United States or through their parents) states that if it were not for the cost of US$2,350, then the number of renunciation of citizenship would be higher.
What Citizenship do Americans choose?
Recently, the increasingly popular citizenship by investment program invites foreigners to invest in the country and receive citizenship and a passport in return. One of the most popular destinations is the Caribbean Islands.
Source: international-adviser
