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US Expatriations Up 200% Over Previous Quarter

US Expatriations Up 200% Over Previous Quarter

According to Law360, as of the end of June, 734 people had expatriated from the U.S. since March, slightly more than tripling the number from the first quarter of the year, the Internal Revenue Service said in a notice.

This rise in expatriations in the last quarter represents a turnaround in the number of people losing or renouncing their U.S. citizenship, coming after a series of decreasing expatriations that bottomed out at 228 people from January through March. Each quarter has up to this point shown a drop since the first quarter of 2020, in which there were about 2,900.

Expatriation Is The Term The IRS Employs For Loss Or Renunciation Of U.S. Citizenship Under Internal Revenue Code Section 877(A) And Section 877A, The Notice Said.

Expatriation has increased significantly in 2020. The latest U.S. Department of the Treasury Report reflects that a record 6,047 individuals expatriated during the first three quarters of 2020. In addition, 834,000 "green card" holders became U.S. citizens in FY 2019, which reflects an 11-year high.

Should I Stay or Should I Go?

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Read more at: Tax Times blog

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