Streamlining Expatriation: State Dept. Slashes U.S. Citizenship Renunciation Fees
The U.S. State Department has announced a major reduction in the cost to renounce American citizenship, making it more affordable for those seeking to expatriate.
In a move that could impact thousands of U.S. citizens living abroad, the State Department has slashed the fees associated with renouncing American citizenship. The previous cost of $2,350 to renounce one's U.S. passport has now been reduced to just $450, a significant drop that could make the process more accessible for those considering expatriation.
The decision to lower the renunciation fee is seen by many as a pragmatic response to growing demand, as the number of Americans giving up their citizenship has steadily increased in recent years. According to data from the Internal Revenue Service (IRS), over 5,800 individuals expatriated in 2020 alone, a figure that has more than tripled since 2012.
{{IMAGE_PLACEHOLDER}}Source: The New York Times
