ICYMI: Nearly 5,000 People Renounced U.S. Citizenship in 2024

Of note. Will be interesting to see if any change under the current Trump administration:

In 2024, nearly 5,000 individuals officially renounced their U.S. citizenship, as reported in a notice from the Internal Revenue Service (IRS) published in the Federal Register. The notice details renunciations recorded throughout the year, with data categorized quarterly.

The breakdown reveals significant fluctuations in the number of renunciations. From October 1 to December 31, over 600 people gave up their U.S. citizenship. This followed a sharp rise in the third quarter, where more than 2,150 individuals renounced between July 1 and September 30. Earlier in the year, from April 1 to June 30, over 1,700 individuals renounced their citizenship, while the first quarter saw around 350 renunciations from January 1 to March 31.

Before 2009, the number of US renunciations was under 750 per year. In 2009, there were 742, followed by 1,534 in 2010. The number rose to 1,781 in 2011 and then dropped to 932 in 2012. However, in 2013, nearly 3,000 people chose to renounce their US citizenship. In 2014, the number increased to 3,415, and by 2015, it reached 4,279. In 2016, 5,409 people gave up their US citizenship. The trend continued with 5,132 renunciations in 2017, 3,974 in 2018, and 2,071 in 2019. In 2020, the number spiked to 6,705, followed by 2,426 in 2021 and 2,816 in 2022. The total for 2023 was over 5,000.

One of the primary reasons people choose to renounce U.S. citizenship is the country’s tax system, which mandates citizens to report and pay taxes on their global income, regardless of their residence abroad. Expatriates often find complying with the Foreign Account Tax Compliance Act (FATCA) and other regulations overwhelming.

As a result, many opt to renounce their citizenship to simplify their financial obligations. Additionally, some countries do not allow dual citizenship , requiring individuals to choose between U.S. nationality and the citizenship of their country of residence. Other reasons for renunciation include personal, political, or bureaucratic factors.

Source: Nearly 5,000 People Renounced U.S. Citizenship in 2024