May 28, 2024

AndronETalksNews

AndronETalksNews

Wealthy people are renouncing American citizenship

Axios

By Jennifer A. Kingson – August 5, 2021

The number of Americans who renounced their citizenship in favor of a foreign country hit an all-time high in 2020: 6,707, a 237% increase over 2019.

Between the lines: While the numbers are down this year, that’s probably because many U.S. embassies and consulates remain closed for COVID-19, and taking this grave step requires taking an oath in front of a State Department officer.

Why it matters: The people who flee tend to be ultra-wealthy, and many of them are seeking to reduce their tax burden. New tax and estate measures proposed by the Biden administration could, if implemented, accelerate this trend.

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