From CNBC: 2024-11-01 10:00:01

A growing number of wealthy Americans are planning to leave the country due to fears of political and social unrest before the election, with demand for second passports or residencies abroad reaching record levels. Wealthy Americans are the largest client base for migration advisors, with interest in moving overseas up by at least 30% from last year. Many American millionaires are considering leaving the U.S. after the election, regardless of the outcome, with younger millionaires showing the most interest in seeking residency abroad through investment programs. The interest in second passports or residencies has been increasing among the wealthy since Covid-19, with the ultra-wealthy viewing citizenship in one country as a concentrated personal and financial risk. The elections and political climate have accelerated the push by wealthy Americans to consider a Plan B abroad, with fears of violence and political changes driving the trend. Americans considering moving overseas cite reasons such as mass school shootings, political violence, antisemitism, Islamophobia, and the government’s increasing debt. Top destinations for Americans looking for residency or second citizenships include Portugal, Malta, Greece, Spain, and Antigua, with Italy also becoming popular. Some politicians in Europe are starting to push back against golden visas that offer citizenship or residency based on investments, leading to changes in rules and costs for wealthy migrants. Malta remains a popular choice for second passports, offering citizenship and unrestricted travel and residency in Malta and the European Union for a considerable investment. The Caribbean is also popular for Americans seeking second passports, with countries like Antigua and Barbuda and St. Lucia offering citizenship for investments in real estate. Americans with ancestry in countries like Ireland and Italy can apply for lineage citizenship, which is typically cheaper than investment visas. The process for obtaining citizenship or residencies can take months or even a year due to the high number of applications and background checks required, with the waiting list expected to grow longer depending on the election results.



Read more at CNBC: Record numbers of wealthy Americans are making plans to leave the U.S.