As the U.S. nears another critical election, a growing number of affluent Americans are making plans to leave the country, fearing political and social upheaval. This exodus, driven by concerns beyond the ballot, is pushing more of the wealthy to seek second passports and foreign residencies than ever before, according to immigration attorneys and wealth advisors. Dubbed “millionaire migration,” this trend reflects broader shifts in the global movement of wealth and is a phenomenon that has been reshaping cities, property markets, and tax policies across the world.
Surge in Demand for Second Passports and Residency-by-Investment Programs
Immigration attorneys and advisors who work with family offices and high-net-worth clients are reporting record numbers of Americans looking to establish a “Plan B” abroad. Dominic Volek, group head of private clients at Henley & Partners, which specializes in international migration, said, “We’ve never seen demand like this before.” Wealthy Americans now represent 20% of the firm’s clientele—a surge that outpaces any other nationality and reflects a nearly 30% increase in inquiries over the previous year.
David Lesperance, managing partner of Lesperance and Associates, observed a similar trend, noting that his U.S. clients looking into potential moves abroad have tripled. The uptick comes as more of the wealthy—especially younger millionaires—actively seek options to escape what they see as a tense and polarized political landscape.
Understanding Millionaire Migration: A Global Trend
Millionaire migration, characterized by the movement of high-net-worth individuals (HNWIs) across borders, has been on the rise for the past decade. According to recent studies by global wealth consultancy New World Wealth, the global millionaire population grew by 6% in 2023, with millions of dollars flowing to destinations that offer political stability, favorable tax regimes, and high standards of living. While the U.S. still boasts the largest number of millionaires globally, the recent shift shows a notable outflow, with more American millionaires seeking residence or citizenship overseas.
In 2022 alone, over 88,000 HNWIs relocated internationally, a number expected to rise as more countries develop attractive residency-by-investment programs, also known as “golden visas,” for foreign investors. Industry experts predict that the global mobility of wealth will intensify, with countries like Portugal, Greece, the UAE, Australia, and Canada emerging as top destinations.
Election Fears Drive Wealthy to Prepare for Uncertainty
A recent survey by Arton Capital, which assists clients with residency and citizenship options, found that 53% of U.S. millionaires would consider leaving the country after the election, regardless of the outcome. Notably, 64% of millionaires under 30 reported a strong interest in residency-by-investment programs, also known as “golden visas,” which offer permanent residency in exchange for substantial financial investments in the destination country.
“While we’ve seen wealthy Americans talking about leaving after elections before, this time it’s different—they’re not just talking about it, they’re doing it,” said Armand Arton, founder of Arton Capital. The combination of growing political divisiveness and an increasingly interconnected world makes relocating more feasible and appealing than ever before, he explained.
Why Millionaires Are Leaving: Beyond Politics to Pandemic and Financial Security
Interest in second passports began surging during the COVID-19 pandemic, as the wealthy sought a hedge against health and safety risks. This momentum has continued, with the ultra-wealthy increasingly seeing U.S. citizenship as a concentrated personal and financial risk. Just as they diversify their investments, many are now building “passport portfolios” to safeguard against geopolitical uncertainty.
For some, the allure of life overseas is rooted in a desire for stability and safety. Mass shootings, political violence, antisemitism, and Islamophobia in the U.S. have also emerged as motivators, especially for families seeking a safer environment. Lesperance noted that clients increasingly cite concerns over potential capital gains taxes proposed by Vice President Kamala Harris, aimed at unrealized gains of the ultra-rich. While analysts believe the tax proposal is unlikely to pass, Lesperance said clients still view such policies as a risk, prompting them to seek financial “insurance” abroad.
Top Destinations for Millionaire Migration: Europe as a Magnet
When it comes to finding new homes, wealthy Americans have their sights primarily set on Europe. Volek noted that destinations like Portugal, Malta, Greece, Spain, and Italy are particularly attractive due to their residency-by-investment programs and cultural appeal. Portugal’s golden visa program has drawn investors from across the globe, with Americans leading the charge. In 2023, Americans constituted a significant share of Portugal’s new residency visas, driving up real estate prices, particularly in Lisbon and the Algarve.
Italy has seen significant demand, leading to policy shifts. In 2023, Italy raised its flat tax on overseas income for wealthy newcomers to 200,000 euros, a reaction to the influx of wealthy migrants driving up real estate prices in cities like Milan. Portugal, too, has faced a backlash, especially in popular regions like the Algarve, where golden visa holders contributed to a 15% surge in property prices. To address these concerns, Portugal recently increased investment minimums and excluded residential property purchases as qualifying investments.
Expensive, Yet Attractive: Malta and the Caribbean
For those seeking the flexibility of European Union citizenship, Malta remains a top choice, despite its high cost of $1 million to $1.2 million. Malta’s citizenship-by-investment program offers unrestricted travel and residency rights across the EU, making it a preferred option among the ultra-wealthy. Though the program faces legal challenges in the European Union, immigration experts predict Malta will maintain its status as a popular destination for the American elite.
The Caribbean, meanwhile, has grown in popularity for affluent Americans seeking a second passport without the significant costs of Europe. Antigua and Barbuda, for example, offers citizenship for a minimum investment of $300,000 in approved real estate, granting visa-free travel to major global destinations like Hong Kong, Russia, and Europe. St. Lucia offers similar advantages for those looking for a cost-effective passport portfolio.
Tax Benefits, Ancestry, and Ease of Living
For Americans with ancestral ties to countries like Ireland or Italy, “lineage citizenship” provides a low-cost alternative to pricey golden visas. Those who qualify can obtain citizenship for a fraction of the investment required by residency-by-investment programs. Other countries, such as Portugal, offer retirement visas that allow older individuals to live abroad and access eventual citizenship—options that are increasingly popular with retirees looking for a lower cost of living.
Tax benefits are a powerful draw, with countries like the UAE offering zero income tax. As HNWIs weigh options for residency or citizenship, they are increasingly looking at factors like healthcare quality, climate, and overall ease of living. In contrast, wealth taxes in Europe are a deterrent for some, though financial incentives, favorable residency policies, and lifestyle perks continue to attract the wealthy.
Economic and Social Impacts of Millionaire Migration
The implications of millionaire migration are vast, shaping both the economies of destination countries and the fabric of communities. In cities like Dubai, influxes of wealth have spurred economic growth, bolstered luxury real estate markets, and attracted international schools, luxury brands, and high-end services tailored to the elite. Yet, as wealthy migrants move to traditionally affordable locations, locals are increasingly priced out, leading to shifts in urban planning and housing policies.
In Portugal, for example, foreign buyers have contributed to soaring property prices, prompting government measures to limit golden visa investments in high-demand urban centers. In cities like London and New York, concerns over the effects of overseas buyers have led to calls for more stringent regulations on foreign ownership of property.
A Crowded Pathway to Second Citizenship
The demand for second citizenship and residency has reached unprecedented levels, stretching the capacity of immigration attorneys and government agencies alike. As Lesperance explained, the volume of applicants is creating bottlenecks that could delay approvals for months or even years. “With so many applications flooding in, particularly from Americans, waiting lists are growing. And with the election on the horizon, we’re likely to see even more interest,” he said.
The New Global Mobility of Wealth
In a climate of heightened uncertainty, wealthy Americans are increasingly focused on long-term strategies to protect their families, assets, and lifestyle. While politics has traditionally played a minor role in relocation decisions, it now stands as a key motivator, with clients feeling that the American landscape has shifted to a point where securing an overseas “Plan B” is essential.
The trend of millionaire migration reflects broader changes in the global movement of wealth, with countries worldwide vying to attract high-net-worth individuals through tailored visa programs. As the election looms, attorneys like Lesperance and Volek expect that demand for their services will only intensify, spurred by those seeking peace of mind and security beyond U.S. borders. For many of America’s elite, the question is no longer whether to relocate but rather where and when to start afresh.
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