Europe could soon welcome a wave of wealthy Americans, as Democratic voters facing the prospect of a new Donald Trump presidency, consider leaving the country, CNN reports in a report.
Interest in Golden Visas has skyrocketed among Americans, say advisers who help the wealthy seek a new place abroad, essentially buying foreign citizenship or residency through investments, including in real estate, government bonds, or startup businesses. Greece is among the top countries of interest.
Searches up 400% in election week
Investment immigration firm Henley & Partners reports that searches by Americans through its website increased nearly 400% in presidential election week over the previous week. However, many of them are not planning to move permanently to a new country.
Dominic Volek, head of private clients at Henley & Partners, said most Americans want a sense of choice, like an insurance policy.
Another advisory firm with investment immigration, issues programs, Arton Capital reports that it received well over 100 queries the day after Donald Trump’s victory, which is five times the typical daily average. CEO Armand Arton told CNN that a very small percentage of those people move. They all want to have the option as a Plan B.
The Italian village of Ololi in Sardinia is trying to take advantage of the surge in demand, launching a website after the election offering ultra-cheap homes, hoping that those upset by the result will want to take one of its empty properties.
Rising demand in the US
Historically, Golden Visa programs have attracted elites in emerging markets, including from Nigeria, South Africa, China, India, and the Philippines – citizens of countries that typically face higher levels of political and economic instability at home or want a second passport so they can travel without a visa.
Until the pandemic, Americans had shown little interest in such programs. However, the lockdowns meant they could not visit Europe without a European passport, even if they had a second home or could travel by private jet, according to Volek, who said very wealthy families were more exposed than they realized.
Since then, sharpening political divisions and social tensions in the US have further heightened interest, a report by Henley & Partners published earlier this year shows. By 2020, US citizens will be the firm’s largest group of applicants for investment immigration programs.
Which countries do Americans prefer
Searches for Golden Visa by Americans have increased 33% so far this year compared to the same period last year, with programs in Europe being the most sought after.
Portugal’s Golden Visa residency program tops the popularity list because it is relatively affordable, requiring a minimum expenditure of 250,000 euros ($265,000) to support the arts or national heritage. It also offers a pathway to European citizenship after just five years, as opposed to the seven to 10 years in countries such as Greece, Spain and Italy, which are also popular choices among Americans.
Malta and Austria are preferred by the super-rich
The super-rich, people with a net worth of $50 million or more, tend to prefer Malta or Austria, according to Volek, which offer direct access to citizenship but at a much higher price.
The Malta program requires a non-refundable payment to the government of 600,000 euros ($636,000), with significant additional spending on property in the country and a 10,000-euro ($10,600) donation to local charities. Austria requires a direct contribution to the economy, such as an investment in a local business, which typically starts at around 3.5 million euros ($3.7 million).
David Lesperance of Lesperance & Associates, an immigration and tax consulting firm, told CNN on Wednesday that the Americans he has spoken to are “serious” about their family relocation plans.
“In the last two weeks I’ve averaged three to four American clients a day who have actually spent money on a paid consultation,” he added. “In my 34 years of practice since I helped my first American client expatriate this is unprecedented.”
What about ordinary Americans?
The Golden Visa, however, is out of reach for most Americans. So on social media there are discussions about other ways to travel abroad.
Two weeks ago, a couple helping people move abroad posted a YouTube video on “countries for Americans who want to leave the US”. Within a short time, the video has more than half a million views and 4,000 comments, including from Americans who say they are urgently exploring options to live abroad.
On Reddit, a thread titled “Immigration after US election results” has received 1,300 comments in less than two weeks.
In a group in the LGBT+ community on Reddit, one user wrote shortly before the election that he and his husband felt that leaving the US might be necessary if Trump won.
Flannery Foster, an American who lives in Spain and helps other Americans travel, work and study abroad, has heard similar stories. She is in the process of obtaining Spanish citizenship after the election. Already, she is helping about 50 people who are interested in living outside the U.S., but who do not want to give up their U.S. citizenship as they feel they will leave the country because they have to, but want to make sure her vote still counts.