On April 26, 2022, we posted Should I Stay or Should I Go? - Expatriations Are Up In 1st Quarter of 2022, where we discussed that the number of people who expatriated from the U.S. rose during the first quarter of 2022 compared with the previous quarter, the Internal Revenue Service said in a notice released on July 25, 2022.
Now the number of people expatriated from the U.S. partially rebounded during the fourth quarter of 2022 compared with the previous quarter, the Internal Revenue Service said in a notice released On January 26, 2023.
The number of people losing or renouncing their U.S. citizenship rose back to over 1,000 in the period of October through December, 748 in the third quarter, the IRS said in a list of those choosing to expatriate.
It also includes long-term residents who are treated as losing citizenship under IRC Section 877(e)(2), the agency said.
- 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.
Read more at: Tax Times blog