NEW YORK: A record number of Americans renounced their US citizenship during the first three months of this year, according to a federal agency.
A quarterly report by the Internal Revenue Service (IRS), a US government agency responsible for tax collection and tax law enforcement, a record 1,336 Americans renounced their US citizenship in the first quarter of 2015, CNS News reports.
The list includes permanent residents who are considered American citizens under the Health Insurance Portability and Accountability Act of 1996.
The previous record was in the second quarter of 2013, when 1,130 Americans gave up their US citizenship, according to Treasury Department data.
Overall, a growing number of Americans have chosen to renounce their citizenship in recent years, with 2014 seeing a record total of 3,415.
If the rest of 2015 follows the first quarters example, the number of Americans renouncing their citizenship will likely hit another all-time high this year.
A recent survey by the University of Kent has found that high taxes were the primary reason why the participants chose to renounce their citizenship.
Those who renounce their citizenship will lose many benefits granted to US citizens including government protection, access to federal jobs, and unrestricted travel into and out of the United States. They will also lose their right to vote in US elections.
The US State Department has recently raised the cost of renunciation, which is a lengthy legal process, from $450 to $2,350, more than 20 times the average fee in other high-income nations, according to reports.
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