An IMGW News Report
As the U.S. election approaches, a significant number of affluent Americans are preparing to leave the country, driven by fears of political and social unrest regardless of the outcome, according to immigration attorneys.
Experts advising family offices and high-net-worth individuals report a surge in demand for second passports or long-term residency options abroad. Although discussions about relocating post-election are common, this time, many wealthy clients are taking concrete steps. Dominic Volek, group head of private clients at Henley & Partners, highlighted that wealthy Americans now constitute the largest segment of their client base, accounting for 20% of their business—a notable increase of at least 30% compared to the previous year.
David Lesperance, managing partner of Lesperance and Associates, noted a threefold increase in the number of Americans seeking his assistance with potential overseas relocations. A survey by Arton Capital revealed that 53% of American millionaires are more inclined to leave the U.S. after the election, with younger millionaires aged 18 to 29 showing particular interest in residency-by-investment programmes.
While the desire for second passports has been rising since the COVID-19 pandemic, non-political motivations such as warmer climates or proximity to family also play a significant role. Many ultra-wealthy individuals view citizenship in a single country as a concentrated risk, leading them to develop ‘passport portfolios’ as a form of insurance against political instability.
Concerns about violence, mass shootings, and rising antisemitism further fuel the desire to leave. Wealthy Americans are gravitating towards European destinations, with Portugal, Malta, Greece, Spain, and Antigua topping the list for those seeking residency or second citizenship. According to Henley, the ranking of these preferred countries reflects their appealing residency options and investment opportunities:
- Portugal – Known for its favourable residency-by-investment programme, Portugal has emerged as a prime choice due to its pleasant climate and vibrant culture.
- Malta – Despite its higher investment threshold, Malta offers citizenship and unrestricted access to the EU, making it a sought-after destination for affluent individuals.
- Greece – With its Golden Visa programme, Greece attracts many investors seeking residency in a country renowned for its historical significance and natural beauty.
- Spain – The Spanish residency programme remains appealing for its lifestyle and accessibility to other European nations.
- Antigua – This Caribbean nation is popular among Americans seeking a second passport, offering a straightforward route through real estate investment.
However, the landscape for immigration is evolving rapidly, with several European countries tightening their golden visa programmes amid rising property prices and political backlash. Malta remains a popular choice for investment citizenship, though the process can be lengthy due to high demand and extensive background checks.
As the election results approach, legal experts anticipate an influx of applications, highlighting the urgent need for those considering relocation. “It’s getting crowded,” remarked Lesperance, anticipating a spike in inquiries in the days following the election. This growing trend indicates that many affluent Americans are not just contemplating a move but actively seeking alternatives to secure their future abroad.
