The current political scenario in the US has affected the country in many ways and with each passing day, life is becoming more and more difficult for the people there. Now, according to a report by Bambridge Accountants, more than 5,800 people have given up their American citizenship in the first half of 2020 whereas the no. was 2,072 in 2019.
Bambridge Accountants is a New York-based firm specializing in US ex-pat tax, UK ex-pats, actors and other creatives in the US and the UK. The firm also examined the public data published by the US government every three months, of the names of all Americans who gave up their citizenship.
"The sudden increase in the no. of people giving up their US citizenship could be the result of the present political environment in the US under Donald Trump, how the coronavirus pandemic is being handled, and the political policies in the US at the moment," says Bambridge.
It also added that people are only waiting for November till the elections, and if Trump is re-elected, the number of people giving up America will only go in the upward direction.
"A lot of people are waiting for the US Presidential elections scheduled to be held in November to see what's going to happen," he said. "If President Trump is reelected, we believe there will be another wave of people who will decide to renounce their citizenship.", said the firm.
Another reason behind the rising number is the increasing taxes, added Bambridge. "US citizens living abroad still have to file tax returns annually, besides making available details of their offshore bank accounts, pensions and investments. The annual tax reporting is just 'too much' for the citizens," said Bambridge.
As per the conduct of US, people who want to relinquish their US citizenship have to give away $2,350, apart from being present in person at the US embassy in their country.
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