Record Number of Wealthy Americans Eye Overseas Relocation Amid Political Uncertainty and Economic Concerns
With a contentious presidential election on the horizon, a growing number of affluent Americans are exploring relocation options overseas, driven by fears of political instability and economic turmoil, regardless of the election’s outcome. Attorneys and consultants specializing in global residency and second passports report an unprecedented surge in demand from U.S. citizens seeking a “plan B” abroad.
Dominic Volek of Henley & Partners, a global consultancy advising high-net-worth individuals on international migration, noted that wealthy Americans now represent 20% of the firm’s clientele, surpassing all other nationalities. "We've never seen demand like we see now," Volek told NBC, adding that requests from Americans seeking second passports or alternative residencies have risen by a staggering 504% since last year.
Citing reasons such as political instability, threats to democracy, and concerns over proposed tax policies, affluent Americans are increasingly opting for "more hospitable" nations, including Portugal, Malta, Spain, Greece, and Italy, where they can secure favorable tax rates and a more stable social environment. The COVID-19 pandemic initially spurred this trend, but demand has only intensified as the 2024 election nears, explained David Lesperance, managing partner of an international tax and immigration firm. According to Lesperance, his American clients are now motivated by “politics and fear of violence” rather than tax considerations alone.
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The looming election has heightened anxieties, with some prospective expatriates worried about potential civil unrest if former President Donald Trump loses or if Democratic candidate Vice President Kamala Harris advances proposals to tax unrealized gains for Americans worth over $100 million. Though tax experts argue that Harris’ proposal is unlikely to pass even with a Democratic majority, Lesperance says clients are taking no chances. "Even if there’s only a 3% chance that it happens, you still want to take out insurance," he stated.
Concerns of political unrest aren’t isolated to the wealthy. A recent YouGov poll conducted between October 18-21 revealed that 27% of Americans fear a civil war might erupt post-election, with both Trump and Harris supporters expressing similar apprehensions. Of the 1,266 respondents, 6% said civil war was “very likely” following the election, while 21% thought it “somewhat likely.” Additionally, 12% indicated they knew someone who might resort to violence if Trump were denied victory, while 5% said the same for Harris.
The poll underscores deepening societal divides, with 84% of respondents acknowledging that the country is more fractured now than a decade ago. While a Democratic “honeymoon phase” emerged briefly after President Joe Biden exited the race, recent polls show Trump leading within the margin of error, raising the stakes for an increasingly polarized electorate.
Source: News Websites