what motivates u.s. citizens to renounce their citizenship?
In addition, some high-income citizens may owe a type of capital gains tax called an âexit taxâ (officially called an expatriation tax). Itâs important to recognize that in nearly all cases, renunciation is an irrevocable act, meaning you wonât be able to later change your mind and regain U.S. citizenship. Despite these (and other) consequences, more and more people are choosing to renounce their U.S. citizenship.