The Internal Revenue Service said in its notice that the number of people who expatriated from the U.S. increased nearly 24% during the third quarter of 2024 compared with the previous quarter.
The Number Of People Losing Or Renouncing Their U.S. Citizenship Increased to 2,123 For the 3rd Qtr of 2024.
A 25% Increase From The 2nd Quarter of 2024.
Included on the list are those who lost U.S. citizenship under Internal Revenue Code Section 877(a) and Section 877A, according to the notice, as well as long-term residents who are treated as losing citizenship under Section 877(e)(2).
According to CNBC the top reason why Americans abroad want to dump their U.S. citizenship include:
- Nearly 1 in 4 American expatriates say they are “seriously considering” or “planning” to ditch their U.S. citizenship, a survey from Greenback Expat Tax Services finds.
- About 9 million U.S. citizens are living abroad, the U.S. Department of State estimates.
- More than 4 in 10 who would renounce citizenship say it’s due to the burden of filing U.S. taxes, the Greenback poll shows.
Should I Stay or Should I Go?
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Read more at: Tax Times blog
