A record number of affluent Americans are preparing to leave the U.S. after the recent election, driven by concerns about potential political and social turmoil, according to immigration attorneys.
Advisors and legal experts assisting high-net-worth families report unprecedented demand for second passports or long-term residency options abroad. While discussions about relocating after elections are typical, this year many wealthy individuals are following through with concrete plans.
Dominic Volek, group head of private clients at Henley & Partners, notes, “We’ve never seen demand like we see now.” Americans now make up the largest segment of their client base, representing 20% of the firm’s business—a significant increase over previous years. The number of Americans seeking to move abroad has surged by at least 30% compared to last year.
David Lesperance, managing partner of Lesperance and Associates, echoes this trend, stating that the number of U.S. clients considering overseas moves has tripled since last year. A survey by Arton Capital found that 53% of American millionaires are more inclined to leave post-election, with younger millionaires leading the trend—64% of those aged 18 to 29 expressed strong interest in obtaining « golden visas » through investment-based residency programs.
Interest in alternative residencies has been on the rise since the Covid-19 pandemic, motivated by various factors like retirement, family proximity, or financial benefits. The ultra-wealthy now view holding only U.S. citizenship as a concentrated risk. Just as they diversify investments, many are building « passport portfolios » to manage geopolitical exposure. Some seek non-U.S. passports for safer travel in regions hostile to Americans.
Here are the top countries where respondents indicated interest in moving:
- Canada
- United Kingdom
- Japan
- Australia
- Italy
- Ireland
- New Zealand
- Switzerland
- Spain
- France
- Sweden
- Germany
- Netherlands
- Costa Rica
- Mexico
South Korea also made the list at No. 21, followed by the Philippines at No. 22 and Thailand at No. 23.
Reasons for moving abroad
Among those who indicated interest to move abroad, “culture” was cited as the top reason, according to the report, followed by jobs and healthcare.
Europe remains a top destination, with France, Portugal, Malta, Greece, Spain, and Italy being especially popular. The cost of securing residency or citizenship varies; for instance, Malta’s program costs around $1 million to $1.2 million and includes unrestricted EU access.
However, increasing demand has prompted policy changes. Portugal recently raised investment thresholds and removed residential properties from its golden visa eligibility, while Italy doubled its flat tax on overseas income for wealthy foreigners moving there.
For quicker and less costly options, many Americans are turning to the Caribbean, where citizenship through investment in countries like Antigua and Barbuda starts at $300,000 and provides travel benefits to places including the U.K. and EU. Lineage-based citizenship is also available for those with heritage in countries like Ireland and Italy.
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