Record numbers of Americans giving up their citizenship each year

Record numbers of Americans giving up their citizenship each year

Uncle Sam is raking in millions of dollars from something people might not imagine- the record numbers of Americans giving up their citizenship each year.
The U.S. government has collected nearly $12.6 million in fees since fall 2014, after quintupling the amount it charges for renunciations, according to a recent statement from a CNNMoney analysis of official data. That’s more than double the total it garnered over the six previous years in the United States.

Many don’t know that U.S. citizens and long-term residents now pay $2,350 apiece to ditch their passports or green cards, up from $450 previously.
The higher renunciation charges have come at a time when more people than ever are cutting ties to the U.S. People simply are fed up. Last year, 4,279 Americans said farewell, up 20% from 2014. That’s 18 times as many as in 2008, and the third year in a row that’s set a new record.

While it’s not an easy process, for many it just makes sense.

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