The first component of the renunciation trend we have to understand is what it actually means to renounce citizenship. Though there are many reasons why people renounce their US citizenship, by far the most important one is their aspiration to keep more of their hard-earned money. So, as more citizens jump ship, the question we have to ask is “why?” Something obviously changed between 20 to send renunciation rates sky-high with no indication of slowing down. The remarkable thing about the past few years, then, is not that the numbers are small but that these numbers have been growing. But for a small group of individuals, that same citizenship has become a burden, stumbling block, or even a liability. Nomad Capitalists, on the other hand, are a smaller group of folks who prefer to go where the systems already work.Īnd, for a smaller number of Nomad Capitalists, going where they’re treated best also means leaving behind the systems that are holding them back by choosing to renounce their US citizenship.įor the millions of immigrants who come to the United States each year, it may be difficult to understand why someone would want to renounce a citizenship that they envy. They content themselves with the idea that they are trying to change the system. There are plenty of rich folks in Malibu and New York who are happy to stay where they are at until they die, even if it costs them half their money. The group may be small, but its size says nothing about the value of adopting the mindset and lifestyle. If you are reading this, you are already part of a small group of open-minded people who are willing to go where they’re treated best in order to receive more benefits and a better life. It is the same for Nomad Capitalists, whether renunciation is a part of their plans or not. The limited numbers do not change their value. The number of people who buy Ferraris every year is small, yet everybody knows what a Ferrari is. Renunciation may have gone from 268 people in 2006 to 5,409 in 2016, but that’s still just 5,409 people in a country of over 300 million.īut it’s not about the size of the group or their impact on US population statistics. And, with more than a million people immigrating to the United States each year, it’s not like those who renounce are making a considerable dent in the US taxpayer basis. Du Bois, actors like Jet Lee, athletes like Quincy Adams, scientists like Robert Brout, politicians like Boris Johnson, and even the best chess mind to ever live, Bobby Fischer.įamous or not, those who have chosen to renounce still compose a very small group of the overall population of the United States. There are many famous faces in the ranks of former US citizens, including historical figures like W.E.B. Eliot to Princess Elizabeth of Yugoslavia. The list of those who have renounced in the past includes everyone from T.S. Then, just from 2015 to 2016, there was a 26% increase in renunciations with 4,279 cases jumping to 5,409 in just one year. By 2013, the rate had doubled once again with almost 3000 people choosing to give up their US citizenship. However, just a few years down the road, the renunciation rate more than doubled from the 742 renunciations in 2009 to over 1,500 in 2010.Īnd the number of people choosing to renounce has only continued to go up since then. The high came in 2005 with 762 renunciations, followed by a low of 268 in 2006. Prior to 2009, renunciation levels had stayed under roughly 750 people per year or much, much less. The number of renunciations just keeps rising and it’s no wonder, considering tax laws that have taken sway in the US.
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