The State Department has slashed by about 80% the fee for Americans to formally renounce their U.S. citizenship.
After years of legal battles with several groups representing Americans wanting to give up their citizenship, the department on Friday published a final rule in the Federal Register that reduces the cost from $2,350 to $450.
The new fee, which took effect on Friday, had been promised in 2023 but had never been implemented. The cost is now the same as it was when the State Department first started charging Americans to formally renounce their citizenship in 2010.
If you plan to work short term in the US and are foreign born then just don’t get citizenship, just work on a visa.
If you are a US citizen and need to retain your passport or do business in the US you have to do US taxes based on the treaty between the US and your country of residence/work. Renouncing citizenship relieves you of this duty.
Foreign banks don’t report to the US at all. You are required to submit that independently through an FBAR.