Highlights
Expatriation has increased significantly in 2020. The latest
U.S. Department of the Treasury Report reflects that a record 6,047
individuals expatriated during the first three quarters of 2020. In
addition, 834,000 green card holders became U.S.
citizens in FY 2019, which reflects an 11-year high.
Why are so many individuals expatriating? Perhaps it is because
we live in chaotic times, ranging from the pandemic to the
contentious presidential election and transition, among other
reasons. Further, U.S. taxpayers increasingly are considering
moving a portion of their financial portfolios offshore for
diversification and to facilitate global trading.
The increase in expatriation also has caught the attention of