Some 6,705 Americans chose to renounce their US citizenship in 2020, according to an IRS report dated January 27 and published on Thursday. This is 260% more than in 2019, according to analysts.
This report was analyzed by Americans Overseas, a European company that helps Americans living abroad with taxation legalities and requirements. It was first reported on by PRNewswire.
Pursuant to the 6039G section of the Health Insurance Portability and Accountability Act (HIPPA) of 1996, the IRS is required by law to publish the names of US citizens who give up their citizenship, and reside overseas as a result. The government agency does this every three months, in a report on the most recent quarter.
In all of 2019, only 2,577 waived their citizenship.
Back in September, the previous quarterly report, and the halfway point of 2020, saw 5,315 Americans actively choosing to expatriate from the country.
“If this trend continues,” PRNewswire noted, “renunciation numbers will be world breaking.” The coronavirus pandemic has forced shut many non-essential government buildings and services, including embassies.
If they were to remain open throughout this time, the article notes, the high number from this year would have been even higher.
So why are people leaving?
A Conversation article notes that the sentiment gained traction not in 2016, with Donald Trump’s election, but even further back, in 2013, when Barack Obama was still president.
In 2013, 3,000 Americans left, at three times the usual rate, and continue to leave today, for the financial burdens that follow expatriates when they leave the US.