More wealthy US citizens seek foreign citizenships
Date
11/5/2024 6:58:25 AM
(MENAFN) A growing number of affluent Americans are seeking to secure foreign citizenships and second passports, driven by concerns over Political and social instability in the US. According to a report from CNBC, immigration lawyers and advisers have seen a sharp increase in the number of high-net-worth individuals exploring options to live abroad, with many already taking steps to make their international move. This trend has intensified as the November 5 US presidential election approaches, with many wealthy Americans planning to leave regardless of the outcome.
Dominic Volek, head of the private clients group at Henley & Partners, a firm that advises wealthy individuals on international migration, told CNBC that there has been a 30 percent rise in the number of affluent Americans looking to exit the US compared to the previous year. He noted that the desire to relocate abroad has become particularly prevalent among high-net-worth clients, with Americans now representing the largest group of Henley & Partners' clientele. The company estimates that wealthy Americans make up at least 20 percent of its business, surpassing clients from other nations.
David Lesperance, the managing partner of Lesperance and Associates, an international tax and immigration advisory firm, echoed these concerns, revealing that the number of Americans seeking advice on moving abroad has tripled compared to last year. The surge in inquiries follows a trend that has been building since the onset of the Covid-19 pandemic, as more well-off Americans began considering the benefits of living in other countries.
Many of these individuals are looking to European nations as their preferred destinations, with Portugal, Malta, Greece, Spain, and Italy emerging as the top choices for those seeking a better quality of life or more stable political environments. These countries offer various residency and citizenship programs, making them attractive options for high-net-worth individuals who are looking for greater political stability, favorable tax policies, and improved living conditions.
The current surge in interest is particularly notable in the context of the upcoming election, which has heightened anxieties about the future direction of the US. While historically, Americans have often spoken about leaving the country during election cycles, this year has seen an unprecedented level of action, with many individuals already taking concrete steps to secure their international status.
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