Americans apply for British citizenship in record numbers

With regard to politics and thanks to the introduction of a new British tax system for residents, applications for British citizenship have increased significantly from the entire pond, as official figures show. The story contradicts some fear of a discharge of wealthy people from Great Britain.

The number of US citizens who sought British citizenship increased in 2024 to the highest time, with the political controversy of the US and British tax changes heated up to an increase in applications, so that it is from various media reports.

More than 6,100 US citizens who were applied for last year, most of them since the recordings two decades and 26 percent more than in 2023. The figures also showed that in March 2023 the actual grants of British citizenship decreased by 7 percent to 181,480 in the previous year.

The data meter in certain dimensions that the end of the United Kingdom of the local non-domicile system and the replacement by a residency system that gives applicants a tax-free window of four years gives the income from Great Britain. However, the data does not indicate what the wealth of the applicants is. Non-cathedral are overwhelming HNW and UHNW people, and their exodus in continental European countries such as Italy and Portugal or the United Arab Emirates, for example, have triggered fears that the United Kingdom will suffer a decline in total tax income. (See a related article about how the changing rules affect American expats.)

This news service spoke to the American advisors about the phenomenon of the Americans who deal with foreign options and touch the challenges of flight from the claws of the Internal Revenue Service. It is not free to leave the USA and do without the US citizenship. The Ministry of Foreign Affairs receives a flat fee for the renunciation fee at $ 2,350. Depending on the tax status, a person may also have to pay additional taxes to complete the process.

Consultants have told Family assets reportT, before the elections in November 2024, looked at the citizens on both sides of the gang. Some were alarmed by the conversation in which Kamala Harris had won an office with a majority of Democrat. On the other hand, those who did not like Donald Trump also examined foreign options.

In the past, in contrast to the territorial system, which is used by most countries such as Great Britain, Germany and France, the worldwide tax system has been used, the US citizens are prevented from working through the establishment of companies or retirement, although a number of countries prevent people from being taxed twice. Nevertheless, US expats are viewed by foreign financial institutions as compliance headache, which means that expats have difficulty opening up a bank account and investments.

In recent years, several specialists such as Schroders, Madeco, London & Capital and Royal Bank of Canada have exceeded the services for those with US connections. Vontobel and a coupling of Swiss foreign assets have developed the US offerings who have received second licenses. Nevertheless, the US expat finance experience remains difficult. The Advocacy Group, American Citizens abroad, has campaigned for the United States to adopt territorial tax legislation, as used by most nations.

Ironically, the data about British citizenship applicants from the USA came shortly after President Trump presented his plan for a “golden map” system to encourage foreigners to come to the USA. This idea is part of a global market for Residency/Citizenship-by investment, which is operated by several jurisdiction such as Portugal and Malta.

Data of the Ministry of the Interior show that applications from US citizens rose in the last quarter of 2024 and increased by 40 percent compared to the previous year to around 1,700. In total there were 269,621 grants from British citizenship in 2024, 30 percent more than 2023.

(Editor “S Note: The story also comes at a time when Great Britain, together with other industrialized countries, is exposed to political controversy about immigration of net immigration from certain countries and regions such as the Middle East and Africa. Immigration of people in places like Hong Kong – – A former British colony – – has tends to be largely under the political and media radar or excited or worrying.)