[Asia Economy Reporter Naju-seok] The number of people renouncing U.S. citizenship has increased significantly. It is pointed out that disillusionment with American politics has played a major role amid the COVID-19 pandemic and other factors.
On the 9th (local time), CNN cited British accounting firm Bambridge, reporting that about 5,800 people renounced their U.S. citizenship in the first half of this year. This far exceeds the 2,072 people who renounced U.S. citizenship throughout last year.
A Bambridge official said, "Those who renounced U.S. citizenship are mainly people who have already left the United States, and they are well-off individuals," adding, "They have witnessed what happened during Donald Trump's presidency and how the U.S. responded to COVID-19."
CNN reported that overseas residents who wish to renounce U.S. citizenship must appear at the embassy and pay $2,350 (about 2.78 million KRW). They give up their citizenship despite the considerable cost and effort involved.
However, the Bambridge official suggested that the continued increase in citizenship renunciations may be related to President Trump's re-election. The official said, "Many people are watching the November election results, and if President Trump is re-elected, the wave of citizenship renunciations is expected to continue."
Meanwhile, besides political circumstances, tax issues were also cited as reasons for renouncing citizenship. U.S. citizens living abroad are required to file tax returns annually and report foreign bank accounts, investments, pensions, and so on.
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