A CNBC report reveals a growing trend of affluent Americans seeking foreign citizenships, motivated by various factors including tax benefits and political stability. Explore the reasons behind this shift and the countries attracting American elites.
According to CNBC, an unprecedented number of affluent Americans are considering leaving the United States after the November 5 election due to anticipated political and social instability, irrespective of who is elected.
According to the network, immigration lawyers and advisers have reported seeing a record number of clients seeking to acquire a second passport or relocate overseas.
Many wealthy individuals have already taken action, though people frequently discuss relocating to another country after elections.
According to Dominic Volek, the head of Henley & Partners’ private clients group, at least 30% more affluent Americans are planning to relocate this year compared to last. He mentioned in an interview with CNBC that wealthy Americans have become the largest client base for the company, accounting for at least 20% of its business—more than any other nationality.
David Lesperance, managing partner of the international tax and immigration firm Lesperance and Associates, stated that the number of Americans consulting him about relocating abroad has approximately tripled compared to last year.
Since the Covid-19 pandemic, an increasing number of affluent Americans have been contemplating relocating overseas. Lesperance notes that their interest has heightened in light of the upcoming election. According to Henley & Partners, many are focusing on European countries such as Portugal, Malta, Greece, Spain, and Italy.
READ ALSO: Biden Should Resign Now, Say Most Americans in Poll
According to an October survey conducted by Arton Capital, a firm that provides immigration advice to the wealthy and reported on by Quartz, 53% of American millionaires expressed a greater inclination to leave the U.S. following the election, irrespective of its outcome. The desire was strongest among younger millionaires; 64% of those aged between 18 and 29 indicated they were “very interested” in obtaining golden visas, which allow investors residency rights in certain European countries.
Armand Arton, founder of Arton Capital, stated in a release that numerous Americans are weary of domestic political divisions, according to Quartz.
He added, “Many people are now seeking to secure an alternative residence overseas as a backup plan, irrespective of the election results.” With only two days remaining until the election, polls indicate that the race is more competitive than ever.
Republican Donald Trump and Democrat Kamala Harris are neck-and-neck in crucial battleground states, with polls indicating that neither holds a lead of more than two points.
In the region known as the ‘Blue Wall,’ which includes Michigan, Pennsylvania, and Wisconsin, there’s a margin of less than one percentage point. However, signaling a significant political development in Iowa—a state Trump carried in both 2016 and 2020—a reputable Des Moines Register-Mediacom poll indicates that Harris leads Trump by three percentage points with figures showing 47% to his 44%.
According to data from the University of Florida’s Election Lab, more than 75 million ballots have already been submitted through early voting.
