In 2001 there were an estimated 5.5 million Americans living overseas, and only 491 of them had renounced their citizenship. Fast-forward 10 years to 2011, and those numbers have now increased to 6.4 million Americans living overseas with 1,781 Americans renouncing their citizenship. The number is expected to increase this year and exceed 2,000 — the highest annual figure since the Vietnam War. The figures get more complicated when considering the number of Americans with dual nationality. Since the U.S. government doesn’t keep records on its citizens with dual nationality the estimates run from between 1 to 7 million with active dual nationality,as a whopping 40 million Americans are estimated to be eligible for citizenship in another country besides the US.
The main motivation for Americans leaving the U.S. is the same for immigration to the U.S.: economics. Whilst in the past, emigration out of the U.S. during WWII, the Vietnam War and the McCarthy era was politically motivated, emigration today is more linked to financial reasons with millions of Americans seeking to take up job opportunities overseas. Whilst most overseas American’s intend to return to the U.S., many after a prolonged period of time overseas or marriage to a foreign spouse, the possession of a U.S. passport becomes more of a liability then a benefit with the continuous taxation even after not being resident in the U.S. for so long.