A record number of wealthy Americans are planning to leave the country | Wilnesh News

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Immigration lawyers say a growing number of wealthy Americans are planning to leave the country ahead of Tuesday’s election, with many fearing political and social unrest no matter who wins.

Lawyers and advisers to family offices and high-net-worth families say they are seeing record demand from clients seeking second passports or long-term residency abroad. While talk of moving overseas after the election is common, wealth advisers say many wealthy people have already taken action this time around.

“We’ve never seen demand like we have now,” said Dominic Volek, head of the private client group at Henley & Partners, which advises wealthy individuals on international migration.

For the first time, wealthy Americans are the company’s largest customer base, accounting for 20% of the business, Wallack said, more than customers from any other country. He said the number of Americans planning to move overseas has increased by at least 30% from last year.

David Lesperance, managing partner of international tax and immigration firm Lesperance and Associates, said the number of Americans hiring him to travel overseas has roughly tripled from last year.

A survey by Arton Capital, which advises wealthy people on their immigration plans, found that 53% of U.S. millionaires said they would be more likely to leave the United States after the election, no matter who wins. Younger millionaires are the most likely to leave, with 64% of millionaires aged 18 to 29 saying they are “very interested” in pursuing a so-called golden visa through overseas investment residency programs.

To be sure, interest in a second passport or residency has been steadily rising among wealthy Americans since Covid-19. Whether it’s to retire in a warmer, cheaper country or to be closer to family abroad, wealthy people have many non-political reasons for wanting to venture overseas.

The super-rich also increasingly view citizenship in a country as a concentrated personal and financial risk. As they diversify their investments, they are now creating “passport combination“To hedge national risk. Others want to hold a non-U.S. passport in case they travel to a dangerous country or region that is hostile to the United States.

However, the electoral and political climate has accelerated and intensified the incentive for wealthy Americans to consider Plan Bs overseas. Lesperance said that for more than three decades, his U.S. clients have been interested in moving overseas primarily for tax reasons. Now, it’s politics and fears of violence, heightened by next week’s election.

“The bottom line for some of them is, ‘I don’t want to live in a country that’s making America great again,'” Lesperance said. Others worry that Vice President Kamala Harris’s plan could spark violence if he fails. Taxation of unrealized capital gains For those worth over $100 million. While tax analysts say the chances of the unrealized gains package passing Congress are slim even with a Democratic majority, Lesperance said it remains a risk.

“Even if there’s only a 3 percent chance of that happening, you still want to buy insurance,” he said.

Lawyers say wealthy people also cite mass school shootings, potential political violence, anti-Semitism, Islamophobia and soaring government debt as reasons to leave.

When it comes to destinations, Americans focus primarily on Europe. Henry said the top countries for Americans seeking residency or second citizenship include Portugal, Malta, Greece, Spain and Antigua. Italy is also popular with Americans.

“The love affair between Americans and Europe has been going on for a long time,” said Armand Aton of Aton Capital. “It comes at a cost, and they could invest hundreds of thousands or half a million dollars into a property or fund.”

However, rules and costs are changing rapidly. While mass immigration has become a hot political issue around the world, some politicians in Europe have begun to oppose golden visas, which grant citizenship or residency to the wealthy purely based on investment.

Portugal, for example, has faced backlash after an influx of foreigners flocked to the Algarve and bought beach properties as part of its golden visa scheme. With house prices soaring 15%, the government changed the rules, raising minimum investment thresholds and scrapping residential property as an investment category.

This summer, Italy doubled its flat tax rate on foreign income to €200,000 for wealthy foreigners who transfer their tax residency to Italy. The change comes after a group of wealthy newcomers arrived to take part in the scheme, driving up house prices in Milan.

Currently, Malta remains the preferred second passport for wealthy Americans. According to immigration lawyers, Malta’s citizenship by investment program, although expensive, with a total investment of approximately $1 million to $1.2 million, provides citizenship as well as unrestricted travel and residence rights in Malta and the EU. The EU has been challenging the Malta plan in court, but most immigration lawyers expect Congress to prevail.

The Caribbean is increasingly popular among Americans who just want a second passport. Buying an approved piece of real estate in Antigua and Barbuda for over $300,000 can earn you citizenship, allowing you to travel freely to countries such as Hong Kong, Russia, Singapore, the United Kingdom and Europe. St. Lucia is also growing in popularity, lawyers say.

Americans with Irish, Italian and dozens of other nationalities can apply for so-called “descent citizenship,” which is often much cheaper than an investment visa. Some countries, such as Portugal, also offer retirement visas that allow entry and citizenship.

Do not expect to receive any citizenship or residency right away. Because attorneys and states are flooded with so many applications and require so many different background checks and approvals, the entire process can take months or even a year or more. Depending on the election results, the waiting list may be longer.

“It’s getting crowded here,” Lesperance said. “And I’m sure I’ll get more on November 6 or 7.”