Giving Up U.S. Citizenship: Why and How

Giving Up U.S. Citizenship: Why and How There are many reasons why someone may want to give up their US citizenship. One of them is taxation. 1040 Abroad is here to explain the reasons people give up U.S. citizenship and how to do it. According to the Department of State, 6,705 Americans gave up their citizenship in 2020 alone. Compared to the 2,577 people who gave up their US citizenship in 2019, that number has increased by 260%. The renunciation of citizenship is a means of giving up citizenship that takes effect on the date of the interview at the U.S. consulate. A person who gives up U.S. citizenship will lose many benefits in the U.S., including voting rights, protection from foreign governments, and the ability to pass U.S. citizenship to their children. The main benefit of U.S. citizenship is still the right to live and work in the United States as desired. As a result, people who renounce U.S. citizenship tend to have established lives in their host country. Wh…
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