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The United States will cut the fee for formally renouncing citizenship from $2,350 to $450 starting April 13, the Federal Register announced.
According to the Federal Register notice published on Friday, the decision was made after considering “the not insignificant anecdotal evidence regarding tax-related difficulties many U.S. nationals residing abroad encounter.”
The reduction reverses a 2015 increase and restores the cost to its 2010 level.
The move was welcomed by the “Accidental Americans”, US citizens living abroad who face complex tax reporting requirements under laws like the Foreign Account Tax Compliance Act (FATCA).
US citizens must include comprehensive information about any foreign bank accounts on their annual tax returns under laws like FATCA.
The Paris-based non-profit Association of Accidental Americans (AAA) applauded the ruling and claimed it was the “direct result” of advocacy and legal action.
“This fee reduction is a concrete first victory,” AAA founder and president Fabien Lehagre said in a statement on social media.
The reduction is expected to ease the financial burden on Americans renouncing citizenship and simplify compliance with US tax rules for expatriates.
