Trump or Taxes? What's The Real Reason Behind More Americans Giving Up Citizenship?

To quit being an American citizen isn't an easy thing either; here's what you should do.

In all of 2019, only 2,072 Americans gave up their citizenship of the United States of America (USA). Now, in the first six months of the current year, the number has already skyrocketed, going well past the 5,000 mark. A total of 5,800 Americans have detached themselves from the citizenship of their mother country, as per a research done by Bambridge Accountants, a New York-based organization.

The exodus of so many American citizens is surprising. The number mainly consists of those who were living abroad and chose to not hold on to their official link with the American state. One of the partners of the firm which conducted the research also blames the mercurial nature of the Donald Trump administration for the spike in numbers.

American Flag
Number of Americans quitting their citizenship has increased significantly Pixabay

"These are mainly people who already left the US and just decided they've had enough of everything," Alistair Bambridge said. "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," he told CNN.

Dislike of President Trump

It should be remembered that several celebrities had stated during the 2016 Presidential election campaign that they will leave the USA if Trump gets elected. Most of them didn't follow through with their stated aim.

Donald Trump
Unhappiness with Donald Trump may be driving the exodus Twitter

Apart from unhappiness with the policies of Trump administration, those giving up the American citizenship may also have other, less lofty reasons for doing so. The need to continue paying taxes despite not living in the US might very well be another concern. Law requires these non-resident citizens to not only pay their due taxes but also inform authorities of all their foreign bank accounts and other financial details.

Bambridge predicts that whether the trend continues upwards or changes direction depends greatly on the upcoming elections. If Donald Trump's presidency ends, the tide may be turned back.

"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," he added in the same interview.

To quit being an American citizen isn't an easy thing either. The person who wants to do so needs to make a payment of $2,350. If a person is based in another country already, he is also required to present himself at the US Embassy in their country of residence. But, for many, this no longer is too big a hurdle.

Related topics : Us presidential election