Over 5,000 people have relinquished their American citizenship in the first six months of 2020, according to new research published on Sunday.
The study by the New York-based company, Bambridge Accountants indicates that more than 5,800 Americans renounced their citizenship during the six months.
The number is more than double the 2,072 US nationals who gave up their citizenship in the whole of 2019.
Bambridge Accountants focusses on US ex-pat tax, UK ex-pats, actors, and other creatives in the US and the UK.
The company examined public data published by the US government showing the names of all Americans who surrendered their citizenship during the period under review.
“These are mainly people who already left the US and just decided they’ve had enough of everything,” Alistair Bambridge, a partner at Bambridge Accountants, told CNN.
“What we’ve seen is people are over everything happening with President Donald Trump, how the coronavirus pandemic is being handled, and the political policies in the US at the moment.”
A majority of those who renounced their citizenship cited the current political climate in the US and taxes, according to Bambridge.
“US citizens living abroad are still required to file tax returns every year, report their foreign bank accounts, investments, and pensions,” he said.
To relinquish US citizenship, one is required to pay $2,350 and appear in person at the US embassy in their country if they are not in the US. Bambridge predicts the number of Americans giving up their citizenship will spike if President Trump is re-elected in November.
“A lot of people are waiting for the November election to see what’s going to happen,” he said.
“If President Trump is reelected, we believe there will be another wave of people who will decide to renounce their citizenship.”