Record number of Americans abroad renounce their US citizenship

The number of Americans abroad renouncing their U.S. citizenship has hit an all-time high, as 1,335 American expatriates gave up their citizenship and terminated their long-term U.S. residency in the first three months of this year, according to U.S. Treasury Department data. Compared to the same period of 2014, only 854 published expatriates waived their citizenship rights. Throughout 2014, 3,415 of people gave up citizenship. In 2015, the total number of published expatriates is estimated to be much higher.

As renouncing U.S. citizenship rises, the U.S. State Department has increased the fee for renunciation twentyfold from $450 to $2,350, as reported by Forbes on May 8.

The reason behind the rising number of people giving up U.S. citizenship is most likely the high taxes imposed by the Foreign Account Tax Compliance Act (FATCA) on U.S. citizens living abroad, as reported by Sputnik International.

Lately, London's flamboyant mayor Boris Johnson announced his renunciation of his U.S. citizenship in order to prove his commitment and loyalty to Britain. His announcement came after receiving a tax bill sent by the U.S. authorities regarding the profits on sales of his north London house while calling the demand "absolutely outrageous," as reported by AFP news agency.