As the U.S. election approaches, an increasing number of affluent Americans are contemplating leaving the country, driven by fears of political and social unrest regardless of the election outcome, according to immigration attorneys.
According to NBC News, legal experts and advisors catering to high-net-worth families report a surge in demand for second passports and long-term residency options abroad. Unlike previous election cycles where discussions of relocating were common, this year many wealthy individuals are taking tangible steps toward migration.
Why the exodus?
Dominic Volek, the group head of private clients at Henley & Partners, noted, “We’ve never seen demand like we see now.” For the first time, Americans represent the largest client base for the firm, accounting for 20% of its business—up over 30% from last year.
Similarly, David Lesperance, managing partner at Lesperance and Associates, shared that his firm has seen a tripling in clients exploring overseas options compared to last year.
A recent survey from Arton Capital found that 53% of American millionaires are now more inclined to leave the U.S. after the election, with younger millionaires (64% of those aged 18 to 29) expressing a strong interest in obtaining “golden visas” through residency-by-investment programs.
Interest in acquiring second citizenship has been rising steadily since the COVID-19 pandemic, as the wealthy seek warmer climates or closer connections to family abroad.
However, the current political climate has intensified these motivations, with many wealthy individuals perceiving citizenship in the U.S. as a concentrated risk.
“MAGA America”
Lesperance pointed out that for over three decades, his clients primarily sought international relocation for tax benefits. Now, concerns about political instability and violence are taking precedence.
“For some of them, the primary thing is ‘I don’t want to live in a MAGA America,’” he explained, while others fear potential unrest following a Trump loss or the impact of proposed tax reforms on the ultra-wealthy.
Clients are also citing issues like mass shootings, rising antisemitism, and political violence as factors influencing their decisions to seek a life abroad.
Europe is emerging as the top destination for these wealthy expatriates, with popular choices including Portugal, Malta, Greece, Spain, and Antigua.
“The love affair between Americans and Europe has been ongoing for a long time,” said Armand Arton of Arton Capital, noting that many are willing to invest significantly to secure residency or citizenship.
However, the landscape for obtaining second citizenship is rapidly changing. The political backlash against golden visa programmes has led to increased investment thresholds and restrictions in countries like Portugal and Italy, which recently doubled its flat tax on foreign income for new residents.
For now, Malta remains a favoured option for Americans seeking a second passport, despite its hefty price tag of approximately $1 million to $1.2 million.
Its investment program provides citizenship and access to the broader European Union. Meanwhile, Caribbean nations like Antigua and St. Lucia are also gaining traction for those seeking alternative passports with fewer investment requirements.
Americans with ancestry in countries like Ireland and Italy can apply for lineage citizenship, typically a more affordable route than investment visas. Other options, such as retirement visas offered by Portugal, are also available.
However, the path to citizenship or residency is not instantaneous; the application process can take months or even years, with attorneys anticipating an influx of applications following the election. “It’s getting crowded,” Lesperance noted, predicting a surge in inquiries in the days following November 6.
As uncertainty looms over the upcoming election, wealthy Americans are prioritizing their plans for the future—looking to secure a stable and prosperous life beyond U.S. borders.
