Fear Socio-Economic Turmoil After Elections
Henley & Partners, a firm that advises the wealthy on international migration, says that the total number of inquiries by affluent Americans to move abroad surged 500% in the first ten months of 2024 compared with the same period of 2020. Most inquiries are by folks who fear political and social unrest regardless of who wins next Tuesday.
"The primary driver for US citizens looking outside the country is political uncertainty," Basil Mohr-Elzeki, managing director at Henley & Partners, told Bloomberg.
Basil said clients are spending up to 10% of their net worth on residency and citizenship programs, some of which can cost millions of dollars. More than 40 countries, including the US, have these residency-by-investment programs, also called "golden visas."
Artur Saraiva, Henley & Partners' co-founder, explained that "a lot of Americans at the moment" are speaking with us about second passports or long-term residencies abroad as the US presidential election cycle ends in just days.
He noted that surging demand for dual citizenship comes from clients across the political spectrum, including registered Democrats and Republicans, with many fearing socio-economic turmoil regardless of who wins.
Saraiva said, "Portugal has been very attractive," adding Greece has also been another top choice among clients for its relaxing environment.
In a separate report, Dominic Volek, group head of private clients at Henley & Partners, told NBC News, "We've never seen demand like we see now."
High-net-worth individuals view one citizenship as a significant personal and financial risk. Their ability to jump ship in one country if social unrest, war, or economic crisis strikes is becoming more common with those who can afford second passports or long-term residencies abroad.
Google searches for "Henley & Partners" have spiked more than at any other time in the last two decades.
News stories featuring "Henley & Partners" surged during Biden-Harris' 3.5 years of 'joy and love' inflation storm and illegal alien invasion. Story counts continued rising well into the election year.
The most valuable passport might be from the UAE, considering it's a tax haven and has no extradition agreements with other countries.
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