In wake of US elections...: Wealthy Americans making plans to leave country in record numbers

ISLAMABAD: In record numbers, wealthy Americans are making plans to leave the country in the wake of US elections, media reports say.

The top countries where they have indicated interest in moving are Canada, United Kingdom, Japan, Australia, Italy, Ireland, New Zealand, Switzerland, Spain, France, Sweden, Germany, Netherlands, Costa Rica and Mexico.

South Korea also made the list at No 21, followed by the Philippines at No 22 and Thailand at No 23. It’s an eye opener for those living in developing countries, like Pakistan and made the US as their dream destination. Interestingly, no Muslim country is part of the list where the Americans wish to move except Turkey and it is because of its European look. The US media has reported that interest in how to move out of the US has been growing in recent years — but following the results of the 2024 US presidential election, it has reached a fever pitch.

With news that Donald Trump is returning to the White House, searches for popular moving abroad terms — “the best countries for Americans to move to,” “best country to move to from USA,” “leaving America,” “where to move out of the US,” “where to move abroad”— have spiked dramatically.

According to Google Trends, queries for “how to move to Canada” increased by 400% by 8 pm on election night. Marco Permunian, a founder of the Italy-based Italian Real Estate Lawyers —an agency with offices in New York, Houston, Memphis and Los Angeles that specializes in Italian citizenship law and immigration matters — says he has been inundated with requests. “As of today — the day following the election — since Trump’s victory was announced we have been receiving an inquiry every three minutes,” Permunian told media in an interview.

Attorneys and advisors to family offices and high-net-worth families said they’re seeing strong demand from clients looking for second passports or long-term residencies abroad. The American rich have been increasingly interested in leaving the US since Covid-19, and wealth advisors said this time many of their wealthy clients are taking action.

Attorneys and advisors to family offices and high-net-worth families said they’re seeing record demand from clients looking for second passports or long-term residencies abroad. While talk of moving overseas after an election is common, wealth advisors said this time many of the wealthy are already taking action.

“We’ve never seen demand like we see now,” said Dominic Volek, group head of private clients at Henley & Partners, which advises the wealthy on international migration. Volek said that for the first time, wealthy Americans are far and away the company’s largest client base, accounting for 20% of its business, or more than any other nationality. He said the number of Americans making plans to move abroad is up at least 30% over last year.

David Lesperance, managing partner of Lesperance and Associates, the international tax and immigration firm, said the number of Americans hiring him for possible moves overseas has roughly tripled over last year.

A survey by Arton Capital, which advises the wealthy on immigration programs, found that 53% of American millionaires say they’re more likely to leave the US after the election, no matter who wins. Younger millionaires were the most likely to leave, with 64% of millionaires between 18 and 29 saying they were “very interested” in seeking so-called golden visas through a residency-by-investment program overseas.

The ultra-wealthy also increasingly see citizenship in one country as a concentrated personal and financial risk. Just as they diversify their investments, they’re now creating “passport portfolios” to hedge their country risk. Others want a non-US passport in case they’re traveling to dangerous countries or regions hostile to the US. Yet the elections and the political climate have accelerated and added to the push by wealthy Americans to consider a Plan B abroad.

Lesperance said that for more than three decades, his American clients were mainly interested in moving overseas for tax reasons. Now, it’s politics and fear of violence. Attorneys say the wealthy also cite mass school shootings, the potential for political violence, antisemitism, Islamophobia and the government’s soaring debts as reasons to leave.

When it comes to destinations, Americans are looking mainly to Europe. According to Henley, the top countries for Americans looking for residency or second citizenships include Portugal, Malta, Greece, Spain and Antigua. Italy has also become popular for Americans.

While mass immigration has become a hot-button political issue across the world, some politicians in Europe have started to push back against golden visas that give the wealthy citizenship or residency purely based on investments.

People typically have multiple reasons for wanting to leave the country, including work opportunities, a sense of exploration or lowering the cost of living in retirement. Global migration agencies say that list increasingly includes escaping US political divisiveness.

About 5.5 million Americans currently live abroad, according to the nonpartisan Association of Americans Resident Overseas. Among the top destinations for American emigrants are Canada, Mexico and the United Kingdom. The share of US citizens who say they would move abroad if they could has tripled since 1974 to reach 34%, according to a March poll by Monmouth University.

“There is a general sense that the US is in decline and it doesn’t matter who wins this next election,” said Megan A. Carney, an associate professor of anthropology at the University of Arizona.