By the end of the year, an estimated 6,813 Americans living overseas will renounce their citizenship, according to new numbers from the Treasury Department and projections by Bloomberg News.
In 2016, a total of 5,411 U.S. citizens renounced their citizenship, up 26 percent from 2015. This year appears to again mark a 26 percent increase.
The pace of Americans jumping ship started to accelerate in 2010, when the Foreign Account Tax Compliance Act (Fatca) became law. The act was intended to stem tax evasion of U.S. citizens living or working abroad by basically requiring foreign institutions holding assets for American expats to report those accounts or withhold a 30 percent tax on them.
Citizens International founder Brian Dobbin confirmed there has been an uptick in inquires from U.S. citizens for Caribbean citizenship most noticeably in the last 12 months.
There has also been a marked decrease in tourism numbers to the U.S., said to be somewhat due to the additional restrictions imposed by the current president.