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Friday, May 27, 2022

Americans living abroad set record for giving up citizenship

The 1,335 expatriations in the first quarter of 2015 topped the previous record by 18 percent, according to data compiled by Bloomberg. Those Americans are driven to turn in their passports in part because of laws that have expanded bank reporting and tax compliance requirements for expatriates.

It’s getting more expensive to give up your US citizenship

The processing fee to renounce U.S. citizenship went up 422 percent, according to a press release from the U.S. Embassy in San José on Wednesday. Starting on Sept. 12, the fee to renounce U.S. citizenship is increasing from $450 to $2,350. U.S. citizens living abroad have been giving up their passports in record numbers in recent years, and the State Department seems primed to make some money in the process.
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