Why record numbers of wealthy Americans are seeking to flee country

Ahead of one of the most polarizing Presidential elections, a record number of ultra-wealthy Americans are packing their bags and seeking refuge abroad.

Citing mounting fears of political upheaval and economic instability, many high-net worth families look to abandon their lives in the US for ‘greener pastures’, regardless of which candidate wins the coveted position.

Attorneys and advisors to family offices and well-off families said they are seeing record demand from clients wanting to secure second passports or long-term residencies abroad.

‘We’ve never seen demand like we see now,’ Dominic Volek, group head of private clients at Henley & Partners, which advises the wealthy on international migration, told NBC. 

Attorneys and advisors to family offices and well-off families said they are seeing record demand from clients wanting to secure second passports or long-term residencies abroad. Pictured: Santorini, Greece, one of many places Americans are seeking asylum

Volek added that for the first time, wealthy Americans are decidedly the company’s largest client base, accounting for 20 percent of its business – more than any other nationality. 

He also said the number of Americans organizing plans to move abroad is up at least 30 percent since last year.

The firm added that, in the past four years, inquiries from Americans seeking a second passport or alternative residence has skyrocketed by an astonishing 504 percent. 

Quoting issues such as civil and social unrest, political attacks on democracy, along with growing opportunities and lower taxes overseas, well-off Americans are now opting for ‘more welcoming’ countries like Portugal, Malta, Spain, Greece and Italy.

The mounting interest in leaving the US first skyrocketed during the COVID-19 pandemic but now, the number of Americans hiring him for possible moves overseas has tripled over last year, David Lesperance, managing partner of an international tax and immigration firm, said.

The ultra-wealthy view citizenship in one country as a personal and financial risk as it offers the opportunity to diversify their investments and assets. Yet, the supercharged Presidential election and current US political climate have accelerated the push by wealthy Americans to consider a ‘Plan B’ abroad. 

Quoting issues such as civil and social unrest , political attacks on democracy, along with growing opportunities and lower taxes overseas, well-off Americans are now opting for ‘more welcoming’ countries like Portugal, Malta, Spain, Greece and Italy. Pictured: A quiet square in Porto, Portugal

The ultra-wealthy view citizenship in one country as a personal and financial risk as it offers the opportunity to diversify their investments and assets. Yet, the supercharged Presidential election and current US political climate have accelerated the push by wealthy Americans to consider a ‘Plan B’ abroad. Pictured: Picturesque skyline in Siena, Italy

For more than three decades, Lesperance said that his American clients were mainly interested in moving overseas for tax-related reasons. Now, he says, ‘it’s politics and fear of violence’, with next week’s election turbocharging those fears.

‘For some of them, the primary thing is “I don’t want to live in a MAGA America,”‘ Lesperance said of his clientele. 

Others are worried about violence if Donald Trump loses, or Vice President Kamala Harris’ plan to tax unrealized capital gains for those worth more than $100 million. 

While tax analysts say the unrealized gains plan has little chance of passing Congress, even with a Democratic majority, Lesperance said it’s all ‘still a risk.’

‘Even if there is only a 3 percent chance that it happens, you still want to take out insurance,’ he said.

The two candidates vying for the greatly sought after seat will learn their fate following next week’s election. As for the rest of America, only time will reveal the what is to come after the tightly contended race.