A new report published Sunday 10 August 2020, has shown that a record number of people are giving up their United States citizenship. It suggests that Americans are continuing to renounce their citizenship at the highest levels on record. This info is contained in a research report conducted by Bambridge Accountants, a New York-based firm that specializes in US expatriate tax, UK expats, Actors, and other creatives in the US and the UK.

According to the report, more than 5,800 American citizens gave up their citizenship in the first 6 months of 2020, compared to 2,072 Americans who renounced their citizenship throughout 2019. The report also noted that the Coronavirus pandemic had motivated US expats to cut ties and avoid the current political climate and onerous tax reporting.

A partner at Bambridge Accountants, Alistair Bambridge, in his conversation with CNN, said, “These are mainly people who already left the US and just decided they’ve had enough of everything. 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.”

Bambridge, in its report, also stated that while many people who renounced their citizenship complain of being unhappy with today’s current political climate in the US, others attributed their decision to taxes. He disclosed that US citizens living abroad are still required to file tax returns every year, report their foreign bank accounts, investments, and pensions. Although these citizens benefited from the $1,200 stimulus checks and $500 for each child, many of them felt the annual US tax reporting is just too much.

The report also stated that Americans who want to relinquish their citizenship are required to pay $2,350 and appear in person at the US embassy in their resident country if they are not in America. There are currently about 9 million US expats across the world, even as trends have shown a sharp decline over the last few years of US citizens expatriating.

Despite the risks that come with giving up US citizenship, Bambridge predicts the trend will only continue going up. He said, “A lot of people are waiting for the November election to see what’s going to happen. If President Trump is reelected, we believe there will be another wave of people who will decide to renounce their citizenship.”

SOURCE (abridged): https://nairametrics.com/2020/08/11/reasons-why-a-record-number-of-people-are-giving-up-their-us-citizenship/

Lol.

I'm just wondering what if it was Buhari that was their president and releasing Al Qaeda terrorists and telling the Americans that they are just hungry vagrants looking for food and shelter, what would they do?

If you can survive in Nigeria, you can survive anywhere in the world.

Abeg let them go to Nigeria and exchange blue for green.

One month of no electricity and mosquitoes will reformat their brains.

make them come stay Nigeria just 2 months they will give up life not only citizenship

See what Trump has caused.

The no nonsense citizens at it again.

prof2007:
A new report published Sunday 10 August 2020, has shown that a record number of people are giving up their United States citizenship. It suggests that Americans are continuing to renounce their citizenship at the highest levels on record. This info is contained in a research report conducted by Bambridge Accountants, a New York-based firm that specializes in US expatriate tax, UK expats, Actors, and other creatives in the US and the UK.

According to the report, more than 5,800 American citizens gave up their citizenship in the first 6 months of 2020, compared to 2,072 Americans who renounced their citizenship throughout 2019. The report also noted that the Coronavirus pandemic had motivated US expats to cut ties and avoid the current political climate and onerous tax reporting.

A partner at Bambridge Accountants, Alistair Bambridge, in his conversation with CNN, said, “These are mainly people who already left the US and just decided they’ve had enough of everything. 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.”

Bambridge, in its report, also stated that while many people who renounced their citizenship complain of being unhappy with today’s current political climate in the US, others attributed their decision to taxes. He disclosed that US citizens living abroad are still required to file tax returns every year, report their foreign bank accounts, investments, and pensions. Although these citizens benefited from the $1,200 stimulus checks and $500 for each child, many of them felt the annual US tax reporting is just too much.

The report also stated that Americans who want to relinquish their citizenship are required to pay $2,350 and appear in person at the US embassy in their resident country if they are not in America. There are currently about 9 million US expats across the world, even as trends have shown a sharp decline over the last few years of US citizens expatriating.

Despite the risks that come with giving up US citizenship, Bambridge predicts the trend will only continue going up. He said, “A lot of people are waiting for the November election to see what’s going to happen. If President Trump is reelected, we believe there will be another wave of people who will decide to renounce their citizenship.”

SOURCE (abridged): https://nairametrics.com/2020/08/11/reasons-why-a-record-number-of-people-are-giving-up-their-us-citizenship/

Lies from the pit of hell of the lagos-ibadan expressway gutter media lies and propaganda. Imagine news from anything naira as it's name?

Very good we have been waiting for them to give up since Trump won ....this all about dodging tax

Whiteangel1234:
make them come stay Nigeria just 2 months they will give up life not only citizenship

there are many countries they can go to that are 100 times better than the US (gov-wise, financial-wise, tax-wise, life-wise etc) than Nigeria.

Commentor:
See what Trump has caused.

Canada's immigration website crashed the night Trump won the presidential election. Americans were visiting the site in record numbers

Bialegend:

Lies from the pit of hell of the lagos-ibadan expressway gutter media lies and propaganda. Imagine news from anything naira as it's name?

Perhaps, you'll be happier receiving same story from CNN (see link below)?

Also, for your enlightenment, Nairametrics is owned by Mr. Ugo Obi-Chukwu (from Oyo State, perchance?).

Tribalism is a cop-out, a querencia for the unintelligent and uninspired; an ambuscade against reasoned analysis, and the calaboose of future intellectual accomplishments. You would do well to shun it!

https://edition.cnn.com/2020/08/09/us/us-citizenship-renounced-data-trnd/index.html

Lol, only whites and a small fraction of African Americans can give up their citizenship just like that, definitely not African immigrants who see it as a first-class ticket to heaven.

There are also those who hold dual citizenship, perhaps Canadian/American or British/American. For this group, it will be easy to give up one for the other.