Record Number of Americans Prepare to Leave the U.S. Amid Election Fears

A growing number of wealthy Americans are planning to leave the U.S. ahead of Tuesday’s election, driven by concerns over potential political and social unrest regardless of the outcome, say immigration attorneys. Experts who advise high-net-worth individuals and family offices report a surge in demand from clients seeking second passports or long-term residencies abroad. Although talk of moving overseas often arises around elections, wealth advisors emphasize that this time, many clients are already taking actionable steps.

“We’ve never seen demand like we see now,” said Dominic Volek, group head of private clients at Henley & Partners, a firm specializing in international migration for the wealthy. He notes that for the first time, Americans make up Henley’s largest client base, now accounting for 20% of its business. Volek said the number of Americans planning moves abroad has risen at least 30% compared to last year. David Lesperance, managing partner of international tax and immigration firm Lesperance & Associates, also reported a threefold increase in Americans seeking overseas options.

A survey by Arton Capital, an immigration advisory firm, found that 53% of American millionaires are more inclined to leave the U.S. after the election, regardless of the winner. Younger millionaires, especially those between 18 and 29, showed the most interest, with 64% expressing strong interest in obtaining “golden visas” through investment-based residency programs abroad. While political factors are a driver, interest in second passports has been rising steadily since the COVID-19 pandemic, with motivations that include retiring to a more affordable country, joining family overseas, or simply seeking a new lifestyle.

For the ultra-wealthy, citizenship in just one country is increasingly seen as a risk, both personally and financially. Similar to diversifying their investments, many are now building “passport portfolios” to mitigate what they consider “country risk.” Some seek a non-U.S. passport to enable safer travel to areas potentially hostile to American citizens.

However, the current political climate has accelerated the urgency of these plans. Lesperance said that for over 30 years, American clients primarily sought overseas residency for tax reasons. Now, political tension and the threat of violence are key concerns, with the upcoming election adding fuel to the fire.

“For some of them, the primary concern is, ‘I don’t want to live in a MAGA America,’” said Lesperance. Others worry about potential unrest if Donald Trump loses or about policies like Vice President Kamala Harris’ proposal to tax unrealized capital gains for those with net worths over $100 million. While analysts say the tax proposal has a slim chance of passing, Lesperance argues that even a remote possibility calls for planning.

Additionally, concerns such as mass shootings, the possibility of political violence, antisemitism, Islamophobia, and increasing national debt are also cited by wealthy Americans as reasons to consider relocating.

Costa Rica remains one of the most sought out destinations for Americans to relocate and invest. 

For assistance with real estate investing and relocating in Costa Rica be sure to contact our Coldwell Banker office, Costa Rica Direct 506.8718.7216 or U.S. line 509.855.7457 or visit jacocoldwellbanker.com