US Plans $1,900 Price Cut to Renounce US Citizenship Amid FATCA

The US State Department on Monday proposed a new rule that would reduce the fee Americans pay to renounce their US citizenship from $2,350 to $450.

The proposed drop in fees comes after the State Department received comments that current fees for consular services were too steep and acted as a deterrent for Americans to renounce their citizenship.

In 2010, the State Department set the fee at $450 and in 2014, the department increased the fee to $2,350 because the four-year period saw a “360-fold” increase in demand for citizenship renunciations. The State Department said ...