The U.S. State Department will sharply reduce the fee for renouncing American citizenship from US$2,350 to US$450, effective April 13.
The change reverses a 2015 increase and follows years of advocacy by Americans abroad who cite the burden of U.S. citizenship-based taxation and complex reporting requirements under FATCA.
Many people choose to renounce to escape annual tax filing obligations, while others — including so-called “accidental Americans” (citizens under U.S. law but with little or no connection to the United States) — do so due to political dissatisfaction or because their country of residence restricts dual citizenship.
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