Why do many rich people want to leave the US after the presidential election?

Lawyers and advisors to high-net-worth families say they are seeing record demand from clients seeking second passports, or long-term residency abroad, according to CNBC.

“We have never seen such an increase in demand,” said Dominic Volek, head of private client services at Henley & Partners, which advises wealthy people on international migration.

For the first time, wealthy Americans have become the company’s largest customer group, accounting for 20% of its business, more than any other nationality, Mr. Volek said. The number of Americans planning to move abroad has increased by at least 30% compared to 2023, he added.

David Lesperance, managing partner of Lesperance and Associates, a firm specializing in international tax and immigration, noted that the number of Americans hiring him to move abroad has tripled compared to last year.

According to a survey by Arton Capital, a company that advises the wealthy on immigration programs, 53% of American millionaires said they are likely to leave the US after the election, regardless of which presidential candidate wins.

Notably, younger millionaires are the most likely to leave. 64% of millionaires aged 18-29 said they were “very interested” in a “golden visa” through an overseas residency investment programme.

In fact, interest in second passports, or permanent residency abroad, has been steadily rising among wealthy Americans since the onset of Covid-19. Beyond retiring to a warmer, cheaper country, or being closer to family abroad, wealthy people have many non-political reasons to move abroad.

Even the super-rich now see having only one nationality as a personal risk. So, like diversifying investments, they are creating “passportfolios” to reduce risk.

The current election and political climate has further fueled wealthy Americans’ interest in moving abroad. For more than three decades, Mr. Lesperance said, his American clients have been primarily interested in moving abroad for tax reasons. But now, politics and violence, combined with the Nov. 5 election, have heightened those fears.

For many, the main reason, according to Mr. Lesperance, is 'not wanting to live with the MAGA movement' (Make America Great Again) of Republican presidential candidate Donald Trump. Others fear violence if Mr. Trump loses, or Democratic presidential candidate and Vice President Kamala Harris wants to raise taxes on those with assets over $100 million.

While tax experts say Ms. Harris’s plan is unlikely to pass, even with a Democratic majority, Mr. Lesperance said it is still a risk.

Mass school shootings, the potential for political violence, anti-Semitism, Islamophobia, and soaring government debt are also reasons for the wealthy to leave the US, lawyers added.

The top destinations for Americans are primarily Europe. According to Henley & Partners, the top countries where Americans seek permanent residency, or second citizenship, include Portugal, Malta, Greece, Spain, and Antigua. Italy is also becoming a popular destination for Americans.

But the rules and costs are changing rapidly. Amid mass immigration, some European politicians have begun to oppose “golden visas” that grant citizenship or permanent residency to wealthy people based solely on investments.

For now, Malta remains the top choice for a second passport for the wealthy Americans. Although expensive with a total cost of about 1-1.2 million USD, Malta's citizenship by investment program provides citizenship, and the right to travel and reside without restrictions in Malta and the European Union (EU).

Caribbean countries are also increasingly targeted by Americans who want a second passport. Specifically, by simply buying a property in the small island nation of Antigua and Barbuda for more than $300,000, wealthy Americans can freely travel to Hong Kong (China), Russia, Singapore, the UK, Europe, and many other countries.