State Department Raises Citizenship Renunciation Fee 422 Percent from $450 to $2,350!!”
Submitted by jwong on Wed, 01/14/2015 – 14:38 Federal Taxes
With the demand of American expatriations showing no signs of slowing, the State Department has raised the fee for expatriation from $450 to $2,350, more than 20 times the average in other high-income nations, according to Forbes.
The State Department has said that this is in response to the extra workload they have had to take on to process the people leaving the country. In 2013, there was a 221 percent increase in individuals choosing to renounce their citizenship.
But the high exit tax might not even be the biggest obstacle to potential expatriates. Some former citizens such as Bitcoin entrepreneur Roger Ver have been denied requests for even a non-immigrant visa to return to the country. In short, it’s no longer safe for expatriates to assume that they can come back and visit their friends and relatives at any time.