Surprisingly, Americans are renouncing their US citizenship according to the estimates of the New York accountancy firm. Most are disappointed with the way Donald Trump is approaching the Coronavirus pandemic and the restrictive criteria for tax returns. Specifically, for creative industries such as acting, Bambridge is customized in preparation and paperwork for US and UK expatriates. Nearly 9 million Americans are living outside the United States. Annually, they are expected to pay income taxes and disclose their international bank accounts, savings, and pensions. Where others seek to follow their American dreams, Americans are leaving their paradise.
Americans have to pay a $2,350 government tax to give up their US citizenship. More so, those living abroad have to pay that fee in person at the US Embassy. Every three months, the US government releases the lists of those who have renounced their US citizenship. Recently, Bambridge Accountants reported that, in the first half of 2020, 5,816 individuals gave up their US citizenship over the past six months. That is 1.210 percent, with only 444 cases documented. The first two quarters in 2020 have hit large numbers of 2909 and 2907, respectively. In addition, last year only 2,072 Americans renounced their US citizenship.
Is Giving Up US Citizenship a Good or Bad Thing?
Once asked about what impact the voters who gave up their US citizenship for the November polls was, Mr. Bambridge said: “If President Trump is re-elected, we believe there will be another wave of people who will renounce their citizenship.”
The organization finds the pandemic an opportunity for US expatriates to cut ties. They can escape the present political environment and costly tax returns. Mr. Bambridge argues that the latest epidemic gives people the flexibility to examine their relationship with the United States. After this, they can conclude whether there is so much to do with the new political atmosphere and US annual tax filing. Those who still have their citizenship remain eligible for any deficit payouts approved by the US government. Homeland security department statistics reveal that 761,901 individuals became natural-born US citizens in 2018.
Alistair Bambridge, a partner at the firm, said: “These are mainly people who already left the US and just decided they’ve had enough of everything. We’ve seen that people are over everything happening with President Donald Trump. How the coronavirus pandemic is being handled, and the political policies in the US are unsatisfactory.”