More rich Americans seeking foreign passports – CNBC

An earlier survey showed many people are tired of political division, as the election approaches

A record number of wealthy Americans are thinking of leaving the US after the November 5 election regardless of who wins, anticipating political and social instability, CNBC has reported.

The network said immigration lawyers and advisers have observed a record number of clients who want to obtain a second passport or live abroad.

While people often talk about moving to another country after elections, many wealthy individuals are already taking action.

At least 30% more affluent Americans than last year are planning an exit, according to Dominic Volek, the head of the private clients group at Henley & Partners, which advises high-net-worth individuals on international migration. He told CNBC that wealthy Americans are now the company’s biggest client base, making up at least 20% of its business, more than any other nationality.

David Lesperance, managing partner of Lesperance and Associates, an international tax and immigration firm, said the number of Americans seeking his advice on moving overseas has roughly tripled over last year.

Since the Covid-19 pandemic, a growing number of well-off Americans have been considering moving abroad. The upcoming election increased their interest, according to Lesperance. Most are looking at countries in Europe – notably Portugal, Malta, Greece, Spain and Italy – according to Henley & Partners.

An October survey by Arton Capital, which advises the wealthy on immigration programs, seen by the financial news site Quartz, found that 53% of American millionaires say they are more inclined to leave the US after the election, regardless of who wins. Younger millionaires were the most likely to leave, with 64% of millionaires between 18 and 29 saying they were “very interested” in getting so-called golden visas – granting investors the right to live in certain European countries.

The survey showed that many Americans are tired of political divisions at home, Armand Arton, founder of Arton Capital, said in a statement, as quoted by Quartz.

“Many are now looking to hedge their bets and secure a ‘plan B’ residence overseas, regardless of the outcome of the election,” he added. With just two days until the election, polls are showing the race is tighter than ever.

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Republican Donald Trump and Democrat Kamala Harris are deadlocked in key battleground states, with polls suggesting neither have an advantage greater than two points.

In the so-called ‘Blue Wall’, comprising Michigan, Pennsylvania and Wisconsin, the difference is less than one point. But in a potentially major political shift in Iowa, a state that Trump won in 2016 and 2020, a respected Des Moines Register-Mediacom poll showed that Harris is 3 percentage points ahead of Trump at 47-44.

Over 75 million ballots have already been cast in early voting, according to data from the University of Florida’s Election Lab.