On the rise: Those wanting to renounce American citizenship is quickly on the rise
Those who wish to break ties with the United States will have to pay over four times the price as more and more Americans seek to renounce their citizenship than ever before perhaps to avoid paying U.S. taxes.
The State Department once charged $450 for the service but now those wishing to say goodbye to America will need to pay a whopping $2,350.
Officials say that they've raised the price to, 'capture the real, unsubsidized cost of providing this service,' as higher demand for dropping citizenship has put a strain on consular resources, reports Yahoo News. | Mail Online
Why More Americans Are Renouncing U.S. Citizenship : Parallels : NPR
A few times a year, the Treasury Department publishes a long list of names announcing all of the Americans who have lately abandoned their U.S. citizenship.Also read:
According to the legal website International Tax Blog, the number hovered around 500 a decade ago. Last year, it hit a record high of nearly 3,000.
Many Americans Renounce Citizenship, Hitting New Record
It may seem like a drop in the bucket, especially when droves want to immigrate to America. Still, the newly published names of individuals who renounced their U.S. citizenship or terminated long-term U.S. residency is up, with 576 for the quarter and 1,577 so far this year. The growing trend is a sad one, with record numbers of Americans renouncing their U.S. citizenship.U.S. Hikes Fee To Renounce Citizenship By 422%
Over the last two years, the U.S. has had a spike in expatriations. It isn’t exactly Ellis Island in reverse, but it’s more than a dribble. With global tax reporting and FATCA, the list of the individuals who renounced is up. For 2013, there was a 221% increase, with record numbers of Americans renouncing. The Treasury Department is required to publish a quarterly list, but these numbers are under-stated, some say considerably.