NEW YORK, February 4, 2021 (Newswire.com) - The election of President Biden has seen a decline in the number of Americans giving up their citizenship, according to research by the Enrolled Agents and accountants of Bambridge Accountants New York.
Although 2020 has been the record year for Americans giving up their citizenship, the final 3 months to December 31, 2020 saw the trend reverse.
660 Americans gave up their citizenship in the final 3 months of 2020, compared to 732 in the prior 3 months - a 10% decrease.
· 6,705 Americans in total gave up their citizenship in 2020
· Showing a 224% increase on expatriations compared to 2019
· 2,072 Americans gave up their citizenship in 2019 in total
· 2020 is the highest year on record; the previous record was 5,411 cases in 2016.
The U.S. State Department continues to stop Americans being able to book appointments to renounce at many U.S. Embassies, and this has been the case since March 2020.
Americans must pay a $2,350 government fee to renounce their citizenship, and those based overseas must do so in person at the U.S. Embassy in their country.
Under the IRS rules (section 6039g), every three months the U.S. Government publishes the names of all Americans who give up their citizenship.
Alistair Bambridge, partner at Bambridge Accountants New York, explains: "The thought that Donald Trump would have another 4 years has seen a huge spike in 2020 for Americans overseas looking to renounce their citizenship, where the figures had been in steep decline since 2017.
"Actually, the record numbers of Americans giving up their citizenship in the first nine months of 2020 was just the tip of the iceberg and if the U.S. Embassies and Consulates were all open, there would have been much higher levels for 2020.
"From our experience, Americans abroad are overjoyed in the change in administration. For those individuals, the election of President Biden is enough to reconsider giving up their citizenship and many Americans abroad are now talking about returning to the U.S."
Contact Alistair Bambridge, firstname.lastname@example.org, +1 646 956 5566.
Bambridge Accountants New York is a New York-based firm specializing in U.S. expat tax, U.K expats, actors, and other creatives in the U.S. and U.K.
Source: Bambridge Accountants New York