American expats renouncing US citizenship in record numbers

A record number of Americans are renouncing their citizenship, with renunciations in the first half of this year soaring to 5,816, more than twice as many as gave up their passport in all of 2019. Until a decade ago, fewer than 1,000 Americans per year, on average, chose to renounce their citizenship. Now, the country is on track to hit a record-breaking 10,000 people renounce US citizenship in 2020. According to research by the Enrolled Agents and accountants Bambridge Accountants New York, the figures show a 1,210% increase on the prior six months to December 2019, where only 444 ca...