President Biden Changes American Citizenship Renunciation Trends
President Biden Reducing American Citizenship Renunciation
Data collected by Bambridge Accountants New York suggests that President Biden has had positive impact on US citizenship renunciation trends.
2020 had proven to be a turbulent year for US citizenship with the rate of renunciation at an all time high. However, The final 3 months of 2020 saw the trend reverse.
2020 the Stats
- 6,705 Americans in total gave up their citizenship in 2020
- Showing a 224% increase on expatriations compared to 2019
- 2,072 American gave up their citizenship in 2019 in total
- 2020 is highest year on record; the previous record was 5,411 cases on 2016
Of the 38244 U.S citizenships renounced over the last 10 years 72% were renounced in the last 5 years, showing a drastically increased demand U.S. for citizenship renunciation.
Biden Promotes Positive Change in trend?
Although we are early into Joseph Biden's presidency, the changing of the guard corrolates to a reduction in Americans relinquishing their citizenship. Data shows that 660 Americas gave up their citizenship in the final 3 months of 2020, compared to 732 in the prior 3 months - a 10% decrease.
Alistair Bambridge's Comments
Alistair Bambridge whilst talking to newswire explained "The Thought that Donald Trump would have another 4 years has seen a huge spike in 2020 for Americans overseas looking to renounce their citizenship, where the figures had been in steep decine since 2017."
"Actually, the record numbers of Americans giving up their citizenship in the first nine months of 2020 was just the tip of the iceberg and if the U.S Embassies and Consulates were all open, there would have been much higher levels in 2020."
"From our experience, Americans abroad are overjoyed in the change in administration. For those individuals, the election of President Biden is enough to reconsider giving up their citizenship and many Americans abroad are now talking about returning to the US."
How Will This Progress?
It's difficult to make predictions this early; however, the early data does suggest that we may see a downward trend in expatriates rennouncing their citizenship. We will be sure to keep you updated on our latest findings. For anything else contact us
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