NEW YORK CITY, NEW YORK / ACCESS Newswire / March 7, 2025 / There has been a surge in Americans giving up citizenship, according to research by the international tax firm, Bambridge Accountants New York.
Americans giving up citizenship
4,819 Americans gave up their citizenship in 2024.
Showing a 48% increase on 2023, where only 3,260 cases were recorded.
There was a rush of 2,123 expatriations in the 3 months leading up to the election in November 2024 - the highest number reported for 4 and a half years.
The swell mirrors the same increase in expatriations when US President Donald Trump won the election in 2016.
The U.S. Department of State estimates there are 9 million U.S. expats. Over the last 4 years there have been fairly constant levels of Americans renouncing - the three months leading up to the 2024 election has shown a significant increase in the number of Americans overseas giving up their citizenship.
Every quarter, the U.S. Government publishes the names of all Americans who give up their citizenship, including Green Card holders who give back the Green Card after 8 or more years.
Alistair Bambridge, partner at Bambridge Accountants New York, explains: "There has been a tremendous interest leading up to the election in 2024 and for the first few months of 2025 for Americans overseas looking to renounce their citizenship. While President Biden was in power, we were seeing less interest and the figures reported by the U.S. Treasury reflect this.
"We speak to U.S. citizens on a daily basis who are looking to renounce their citizenship. There is an uptick in queries from Americans looking to give back their passport, the common thread is the political situation in the U.S.
"U.S. citizens living overseas, are required to file U.S. tax returns each year, declaring worldwide income and report all their foreign bank accounts, investments and pensions held outside the U.S. For some Americans, it is not political and this financial reporting is too much, and they decide to renounce their citizenship as they have no plans to return to live in the U.S.
"From our experience, of the queries we receive now, about 60% of Americans who want to give back their passport are politically motivated and the remaining 40% are for financial reasons. While President Biden was in office, the reason quoted for renouncing, 90% plus, was financial.
Bambridge Accountants New York is a New York-based firm specializing in U.S. expat tax, U.K expats, foreign companies with U.S. reporting (1120-F).
Contact Information
Alistair Bambridge
Partner
alistair@bambridgeaccountants.com
SOURCE: Bambridge Accountants New York
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