US

Americans renouncing citizenship at record high

FBN's Rich Edson on why a rerecord number of U.S. citizens are renouncing their citizenships and what it costs them.

 

The number of Americans confirmed to have renounced their citizenship has hit a new high, up 26 percent from 2015, to a new record 5,411, according to government data.

The IRS reportedly publishes the names of those individuals quarterly. Before 2011, fewer than 1,000 individuals chose to  expatriate each year, the data found.

ILLEGAL IMMIGRANT DEFENDED IN PHOENIX PROTESTS IS DEPORTED TO MEXICO

Still, many cases were not counted, according to Forbes. The report did not show why many Americans made the decison, although money could certainly be a factor.

The report pointed out that the U.S. is one of the few countries that taxes based on nationality. American citizens are liable to pay U.S. taxes even if they live abroad.

The number of Americans renouncing citizenship had set a record for 2015 as well, up 58 percent from the previous year, Forbes pointed out.

Some of the most recent Homeland Security data showed that more than a million legal immigrants to the U.S. received green cards in 2015.