A growing number of wealthy Americans are making plans to leave the country after Tuesday’s election (5), with many fearing political and social unrest, regardless of who wins, according to various immigration lawyers.
Lawyers and consultants for high-net-worth families said they are seeing record demand from clients seeking second passports or long-term residences abroad. While it is common to talk about moving overseas after an election, financial consultants said that this time many of these clients are already taking action.
A survey by Arton Capital, which advises the wealthy on immigration programs, found that 53% of American millionaires say they are more likely to leave the U.S. after the election, no matter who wins. Younger millionaires were the most likely to leave, with 64% of millionaires aged 18 to 29 saying they were “very interested” in pursuing so-called golden visas through an investment residency program abroad.
It is true that interest in second passports or residences has been steadily increasing among wealthy Americans since the Covid-19 pandemic. Whether it’s the search for retirement in a warmer or cheaper country or the desire to be closer to family abroad, the wealthy have many non-political reasons for wanting to venture overseas.
The ultra-wealthy are also increasingly viewing citizenship in another country as a way to mitigate personal and financial risk. Just as they diversify their investments, they are now creating “passport portfolios” to protect against country risk.
However, the elections and the less-than-cordial political climate have heightened the desire among wealthy Americans to invest in a Plan B abroad.
Lawyers say that the wealthy cite mass shootings in schools, the potential for political violence, antisemitism, Islamophobia, and rising government debt as reasons to leave.
When it comes to destinations, Americans are primarily looking to Europe. The top countries for Americans seeking residence or second citizenship include Portugal, Malta, Greece, Spain, and Antigua. Italy has also become popular.
The Caribbean is increasingly popular among Americans. Buying property in Antigua and Barbuda for over $300,000 puts the foreigner on the path to citizenship, allowing freedom to travel to Hong Kong, Russia, Singapore, the UK, and Europe, among other countries.
Source: CNBC