2020-10-28
Today the Treasury Department published the names of individuals who renounced their U.S. citizenship or terminated their long-term U.S. residency (“expatriated”) during the third quarter of 2020.
The number of published expatriates for the quarter was 732. The total number of names published during the 3 quarters so far this year equals 6,047. Even without including the fourth quarter, 2020 is already a record year for names published. The previous annual record was in 2016, with 5,411 names published. The names published in just the first 3 quarters of 2020 has shattered the previous annual record by 636 names.
However, because the names published in 2019 was so low (2,072), it may be that the IRS is just catching up with publishing the names. We previously mentioned a Wall Street Journal article that indicated of the 2,907 names published for the first quarter of 2020, only 944 of those names were for individuals that expatriated in 2019 or 2020. Roughly two-thirds of the names published in the first quarter of 2020 were for individuals that expatriated in years 2018 and prior.
See the chart below for the quarterly expatriates from 2010 to the third quarter of 2020. The 8-quarter moving average reflects over 1,000 names per quarter.
