The ABCs of Expatriation in These Chaotic Times
Summary
This practice note concerns expatriation from the U.S. which has increased significantly over the last several years. The latest U.S. Department of the Treasury Report reflects that a record 6,047 individuals expatriated during the first three quarters of 2020. This compares to the previous annual record in 2016, when 5,411 individuals expatriated. Interestingly, going the other way, 834,000 "green card" holders became U.S. citizens in FY 2019, reflecting an 11-year high in new oaths of citizenship. Also see "TIGTA Tasks IRS with Enhanced Enforcement of Noncompliant Expatriates" (Holland & Knight, Nov. 23, 2020).