Bambridge Accountants reports that 5,816 people gave up US citizenship in the first half of 2020 — a 1,210 per cent increase on the previous six months in which only 444 cases were recorded.
The first two quarters of 2020 also rank as having the first and second highest numbers on record at 2,909 and 2,907 respectively.
In the whole of 2019, a total of only 2,072 Americans gave up their citizenship.
Bambridge specialises in preparing and filing taxes for US and UK expats, particularly those in creative fields such as acting.
The firm cites the pandemic as a motivating factor for US expats to cut ties and avoid the current political climate and onerous tax reporting.
Alistair Bambridge, a partner at the firm, told CNN: “These are mainly people who already left the US and just decided they’ve had enough of everything.”
He adds: “What we’ve seen is people are over everything happening with President Donald Trump, how the coronavirus pandemic is being handled, and the political policies in the US at the moment.”
There are approximately 9 million Americans living outside of the US.
Each year they are required to file tax returns, and report all of their foreign bank accounts, investments and pensions.
Mr Bambridge explains: “The current pandemic has allowed individuals the time to review their ties to the US and decide that the current political climate and annual US tax reporting is just too much to bear.”
On a positive note, those who have retained their citizenship remain eligible for any stimulus payments authorised by the US government in response to the coronavirus pandemic.
Asked about the impact of the November election on the number of people giving up their citizenship, Mr Bambridge said: “If President Trump is re-elected, we believe there will be another wave of people who will decide to renounce their citizenship.”
In order to renounce their citizenship, Americans must pay a $2,350 government fee, and those based overseas must do so in person at a US Embassy.
Every three months the US government publishes the names of those who have given up their citizenship.
Department of Homeland Security records show that in 2018, the year with the most recent data available, 761,901 people were naturalised as US citizens.
from yahoo.news
I’m 101% sure you won’t see the name of a Nigerian on this list of people that gave up their citizenship.
ReplyDeleteNigerians can never try it.
Delete🤣🤣😭
DeleteNigerians are not trained to give up, we are not trained to fight for any right
DeleteNigerians don't give up easily and also we accept everything the way it comes that its God's will for us....
DeleteThey've already renounced indirectly tho their own Naija for the USA, just lyk these ones did, but not on recorrd bcos we do not keep RECFRDs here in Nigeria.
DeleteGive up wetin?
DeleteThat's a funny statement. High net worth people (including Nigerians) give up their citizenship and permanent residency in order to avoid paying taxes on income earned outside the US. It's hard for regular folk to imagine but when you start earning $50m annually it starts to make sense. You can holiday in nicer parts of the world and protect your assets.
DeleteI doubt if Nigerian are part of the people that renounced their US citizenship.
ReplyDeleteAnneK, if xou had the lliver & option (opportunity) would you not have done same to this Buhari con3.
DeletePlease we should swap ooo,one of them should come and swap with me. I want to give up my Nigerian citezenship
ReplyDeleteNigerians will never...even with the racism, the system works and your taxes are put to good use...sometimes they refund.
ReplyDeleteNaija will take one month to refund 5k and they will still collect 5% out of it as "stress" fee for disturbing them to refund you.
Eyy nkan ti emi le...
ReplyDeleteIt has been happening since, mainly because of taxes. America requires most banks to share information on American citizens accounts.
ReplyDeleteFrankly, many American citizens in Europe, who qualify for European citizenship, prefer it to American.
True.
DeleteIf they can sell this eh, Nigerians will be their customers😂😂😂😂
ReplyDeleteThis is largely due to the tax laws. As a citizen, you are expected to file your taxes whether you live in the US or not. So if you are from a developed country, it makes no sense to continue the dual taxation. Boris Johnson the current UK prime minister did some too.
ReplyDeleteThe harsh economic realities of the Corona virus pandemic further helped people hasten their decision.
Udonminit
ReplyDeleteTina Turner has renounced hers a long time ago for Switzerland.
ReplyDeleteTrue. Tina Turner renounced hers for Switzerland.
ReplyDeleteYeah, she took up Swiss citizenship a few years back.
DeleteUncle Sam is the cause.
ReplyDeleteAs an American citizen, even if you live and earn outside the US, you are still required by law to file your taxes.
Eduardo Saverin, the guy who started Facebook with Mark also renounced his American citizen in 2012 just before Facebook went public with their IPO (Initial Public Offer) as well to protect his assets.
No offense, as a dual citizen, I know that if most Nigerian Americans with shares, goverment loot, and houses/investments in Nigeria were paying taxes like dual American European citizens, some with government contracts may either not participate in the looting of Nigeria or be forced by IRS penalty to renounce their citizenship! It’s because of the taxes and the recession!
ReplyDeleteReading comprehension is important. Every year, dual citizens of developed country are upset with Uncle Sam, Trump and the recession just made it worse but no Nigerian dual citizen will do so until Nigeria develops. Trump will not be president forever! These people obviously are not stateless, Or country-less but are dual citizens who no longer want the IRS April tax filing deadline and who like many in some income brackets do not get tax refunds like some Nigerians in the inner cities of Anerica made many to believe. Many do not get tax refund. Tax credit or refund is given to low income bracket folks to which a lot of Nigerians here belong. Some have to pay IRS back and not every income group qualifies for stimulus money. The upper middle class and high income groups Brar America’s burden! If you are a European or Japanese American, it’s not worth paying two taxes!