New research shows a record number of people are ditching their U.S. citizenship with close to 6,000 Americans giving up their citizenship in the first six months of this year.
In comparison to 2019, only about 2,000 people renounced their citizenship during the entire year.
Bambridge Accountants, a New York-based firm specializing in US expat tax, UK expats, actors and other creatives in the US and the UK, examined public data to put the numbers together.
As to why they are dropping their citizenship?
Among several reasons, two of the biggest noted were the heated political climate here and taxes.
US citizens living abroad still have to file tax returns every year and report their foreign bank accounts, investments, and pensions.