President-elect Donald Trump’s victory in the U.S. elections is expected to significantly change the country’s policies over the next four years, particularly regarding immigration, the economy, and healthcare. This shift appears to be unpopular with some U.S. citizens, leading to a record number of applications for “golden passports” abroad. As such, many contemplate going into exile, at least until Trump is out of the White House.
A notable case is Vivian Jenna Wilson, the transgender daughter of Tesla CEO Elon Musk, who has cut all ties with her billionaire father.
Outgoing migration. According to immigration advisors consulted by CNBC, the demand for golden visas among Americans has surged, with a 30% increase in applications compared to the previous year. Dominic Volek, group head of private clients at consulting firm Henley & Partners, said, “We’ve never seen demand like we see now.” He also noted that these applications represent 20% of their total clients and are the highest figure for a single nationality.
Rebecca Major, operations manager at Moving2Canada, told Fortune, “Since Tuesday [Nov. 5] afternoon, we have experienced a huge spike in traffic from the U.S.A… Most of the traffic were interested in economic immigration programs, suggesting they are working professionals,” as opposed to millionaires.
According to data from the specialized agency Get Golden Visa, 2024 is expected to see an increase in residence change applications from U.S. citizens, with the majority of applicants between the ages of 35 and 54 years old (55%).
Reasons to migrate. Get Golden Visa also reports that there are various reasons why Americans are opting to emigrate to other countries. The primary motivation for those seeking information about relocating is political dissatisfaction, stemming from the polarization of society in the U.S. Additionally, many cite factors such as the high cost of living, access to healthcare, and the overall quality of life for retirement as reasons for their move.
Wealthy individuals are also considering changing their residency or applying for a golden passport to obtain dual citizenship in countries with more stable economies while still maintaining their investments in U.S. markets. Volek explains: “If I’m wealthy, I would like to hedge against levels of volatility and uncertainty. The idea of diversification is well understood by wealthy individuals around what they invest. It makes no sense to have one country of citizenship and residence when I have the ability to actually diversify that aspect of my life as well.”
David Lesperance, managing partner of the tax and immigration firm Lesperance and Associates, told CNBC, “For some of them, the primary thing is ‘I don’t want to live in a MAGA America.’” He further noted that many of the wealthiest individuals cite concerns such as mass school shootings, political violence, antisemitism, Islamophobia, and the government’s soaring debt as additional reasons for their decision to leave the U.S.
Favorite destinations: Europe and the Caribbean. Along with Canada, due to its proximity, the top destinations for U.S. expats include European countries such as Portugal, Malta, Spain, Greece, and Italy. These locations offer a more affordable quality of life and golden visa programs that provide residency in exchange for investment.
Portugal, in particular, has become a benchmark with its golden visa program. However, the surge in popularity has led to criticism and adjustments. Recently, the Portuguese government raised the investment requirements due to a wave of foreign buyers driving up real estate prices in the Algarve, resulting in a 15% increase in housing costs for local residents.
The Caribbean and Central America are also attractive options for Americans. For instance, in Antigua and Barbuda, purchasing property worth more than $300,000 grants access to citizenship, which allows for visa-free travel to countries such as Hong Kong, Russia, Singapore, the United Kingdom, and across Europe. Countries like Panama are also appealing to Americans seeking a more affordable location for retirement, given their minimal requirements.
Musk’s daughter and the symbolism of migration. Wilson, one of Musk’s daughters, is a notable example of U.S. migration. She recently expressed her intention to leave the country on her Threads account.
Wilson’s move is particularly striking given she’s the daughter of one of the individuals who contributed to Trump’s electoral success. In her message, she indicated that her reasons for leaving the country aren’t directly related to Trump’s victory or potential policy changes but rather stem from concerns about the societal attitudes of those who supported him.
Image | Michal Balog
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