More Americans renounced their citizenship in the first three months of the year than ever before, courtesy of the crackdown in foreign tax rules.
In the first quarter of 2015, the Treasury Department reported 1,335 expatriates. That was the highest quarterly number of published expatriates ever, surpassing the previous record of 1,130 that was published in the second quarter in 2013.
But in the second quarter this year, the department reported only 460 expatriates. That represents nearly a 65 percent decline from the record first-quarter number.
So is the exodus losing steam?
Freddi Weintraub, an attorney who specializes in immigration law believes that things may be changing. At one point, Weintraub was seeing a threefold increase in expatriation inquiries related to taxes. But for the last 10 to 12 months, she hasn’t had a single request for assistance when it comes to expatriation and taxes.
“This past quarter would suggest that the numbers are leveling off,” Mitchel said. But he won’t make any bold confirmations just yet. “The quarterly numbers tend to vary quite significantly,” he said.