As the U.S. approaches another election cycle, an observable trend is developing among high-net-worth individuals: an increasing number are considering relocating abroad. The instability in the political climate, coupled with social concerns, has sparked a surge in inquiries for passports and residency solutions among affluent Americans. This growing sentiment reflects not just fleeting worries but a profound desire for a backup plan that offers safety and stability in a time of uncertainty.
In recent years, a noticeable shift has occurred within the mindset of wealthy Americans regarding immigration. While discussions about moving overseas following an election are not new, this time many affluent individuals are taking tangible steps to do so. According to immigration professionals, demand for migration services aimed at obtaining second passports or long-term residency in foreign countries has seen unprecedented growth. Major firms specializing in this field have reported significant increases in clients, indicating a major shift in the priorities of the wealthy.
Dominic Volek, a leading source in migration advice, noted that American clientele have surged, making up an astonishing 20% of his company’s business, overtaking other nationalities for the first time. This unprecedented interest has risen by at least 30% since the previous year, underscoring a burgeoning trend that is likely to evolve in the coming months.
Several factors are contributing to this trend. Primarily, many ultra-wealthy Americans are motivated by a fear of political instability and the potential for social unrest—whether they have concerns about the outcomes of elections or fear violence in the coming months. David Lesperance of Lesperance and Associates noted that his clients’ motivations have drastically shifted from tax concerns over the years to fears associated with the political landscape.
Surveys indicate that more than half of American millionaires have expressed a heightened likelihood of leaving the country following the elections, regardless of who emerges victorious. Among younger millionaires aged 18 to 29, this sentiment is even more pronounced, with 64% expressing interest in residency-by-investment programs, often referred to as golden visas. These statistics underscore a generational divide in attitudes toward citizenship and stability.
While the political climate serves as a catalyst for many affluent individuals considering relocation, there are also non-political factors at play. Since the onset of the COVID-19 pandemic, a desire to retire in more favorable climates, be closer to family abroad, or simply explore other living environments has surged. The concept of a “passport portfolio” is increasingly taking hold among the wealthy as they seek to diversify their holdings—much like they do with financial investments—to mitigate risks associated with concentrated citizenship.
Beyond the immediate options presented for a swift exit, many wealthy Americans are looking at various destinations, with Europe emerging as a favored location. Countries like Portugal, Spain, Greece, and Malta have become popular among those considering a dual residency or second citizenship, given their favorable immigration policies and rich cultural offerings.
However, quickly changing immigration laws and political pressures could complicate the pathway to acquiring foreign residency. Several European nations have begun tightening their immigration policies in response to public backlash against wealthier foreigners inflating property prices and contributing to local economic strain. For instance, Portugal recently raised the minimum investment thresholds within its golden visa program as demand surged, while Italy has introduced higher taxes on foreign incomes for new residents.
Despite these challenges, the allure of a second passport remains strong. Nations such as Malta continue to attract wealthy seekers, despite the costs, which can range from $1 million to $1.2 million, as it allows for unencumbered access to the European Union—an enticing proposition for those seeking stability in an unpredictable environment.
Simultaneously, the Caribbean has emerged as an attractive destination, where investment in real estate can pave the way to citizenship, further broadening the choices available to Americans looking to secure their future.
With immigration attorneys facing a rising tide of requests, processing times for obtaining passports or residency are lengthening. Many individuals may find themselves in a waiting game, adding to their sense of urgency driven by political anxieties. As upcoming elections unfold, the outlook on international migration for wealthy Americans will likely yield even further changes.
The quest for safety, security, and opportunity embedded within these migration trends seems poised to grow—a reflection of deep-seated fears and aspirations that many affluent individuals harbor. As a shifting political landscape looms, the path ahead for America’s wealthy elite looks to be anything but predictable.