Renouncing Your US Citizenship: Is Divorcing Uncle Sam The Right Choice For You?

If you had to guess, what do you think the following individuals have in common?

• The billionaire co-founder of Facebook, Eduardo Saverin;
• the only American member of Monty Python, Terry Gilliam; ¹
• Former Prime Minister of the United Kingdom, Boris Johnson;
• Director of The Maltese Falcon and The Treasure of the Sierra Madre, John Huston;
• Founder of Carnival Cruise Lines and former owner of the NBA's Miami Heat, Ted Arison;
• Grammy Award winner and Rock and Roll Hall of Fame inductee, Tina Turner; and
• arguably the best chess mind to ever live, Bobby Fischer.

The answer is that all seven renounced their US citizenship.

And these individuals are not alone.

Record numbers of US citizens living around the world have recently or are in the process of renouncing. In 2020,a record number of individuals renounced their US citizenship, totalling 6,705. In the wake of the pandemic, fewer people renounced due to consulate closures and travel