The record numbers of Americans who have renounced their U.S. citizenship since January 2009 did so at the bargain-basement cost of $450, a subsidized fee that the State Department plans to raise sharply this week as more and more people sever their ties with the United States.
Officials say the new pricetag of $2,350 will “capture the real, unsubsidized cost of providing this service” at a time when escalating demand has put new strain on consular resources.
The government does not make public any reasons citizens may have given for renouncing U.S. citizenship, making it impossible to say for certain what has driven the sharp rise in demand. But the most likely cause appears to be the Obama-era crackdown on U.S. citizens hiding wealth overseas.
From 2001 to 2008, 3,937 people who had lived on U.S. soil for at least eight years either renounced their citizenship or gave up lawful permanent resident status, according to Andrew Mitchel, an international tax attorney in Centerbrook,Read More »from Renouncing U.S. citizenship is about to get a lot more expensive