India, March 18 -- In a surprising move, the U.S. Department of State has significantly decreased the fee for renouncing citizenship by approximately 80%, reducing it from $2,350 to $450.

The new regulation, expected to be effective on April 13, will reduce the cost for Americans, particularly those residing overseas, to officially renounce their citizenship.

Despite being announced in 2023, its implementation has only occurred now. This action reverses a regulation from 2015 that rendered the process of relinquishing US citizenship among the most costly globally.

The fee is now equivalent to what it was in 2010, when the US State Department initially started imposing charges on Americans wishing to formally abandon their citizenship....