Shall I Stay or Shall I Go? - IRS Reports Nearly 55% Increase in US Expatriations In 2nd Quarter of 2023

The number of people expatriated from the United States rose nearly 55% during the second quarter of 2023 compared with the previous quarter, the Internal Revenue Service said in a notice published Thursday.

Among those included on the list are those who lose U.S. citizenship under Internal Revenue Code Section 877(a) and Section 877A, according to the notice, as well as long-term residents who are treated as losing citizenship under Section 877(e)(2).

The Number Of People Losing Or Renouncing Their U.S. Citizenship Increased to 830 For the 2nd Qtr of 2023.

A 55% Increase From The 1st Quarter of 2023.

According to CNBC the top reason why Americans abroad want to dump their U.S. citizenship include:

• Nearly 1 in 4 American expatriates say they are “seriously considering” or “planning” to ditch their U.S. citizenship, a survey from Greenback Expat Tax Services finds.  
• About 9 million U.S. citizens are living abroad, the U.S. Department of State estimates.
• More than 4 in 10 who would renounce citizenship say it’s due to the burden of filing U.S. taxes, the Greenback poll shows.

Should I Stay or Should I Go?

Need Advise on Expatriation?

 

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