Report: Record number of Americans renouncing citizenship

Americans are on pace to renounce their citizenship in record numbers in 2017, according to the latest quarterly report from the Treasury Department. 

Some 5,411 U.S. citizens expatriated in 2016, a record high that topped 2015’s numbers by 26 percent.

2017 is currently on track to beat those figures, Bloomberg News reported Tuesday, estimating a tally of 6,813 by the end of the year if the fourth quarter is similar to 2016’s.

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In the third quarter, 1,376 Americans renounced their citizenship.

2011 was the first year in which more than 1,000 people chose to terminate their American citizenship, according to the Federal Register.

Under federal law, Americans are taxed according to their nationality, which causes U.S. citizens living outside the country to face taxation from both the U.S. and their nation of residence.