America's Young Millionaires Seek 'Golden Visas' Due to Election Concerns
A new wave of wealthy Americans, especially young tech entrepreneurs and finance professionals, is pursuing " golden visas " ahead of the 2024 presidential election between Vice President Kamala Harris and former President Donald Trump , NBC News reports.
Immigration attorneys describe an unprecedented surge in applications for foreign residency rights, particularly among upwardly mobile millennials and Gen-Z investors concerned about political instability no matter the winner of Tuesday's results.
This rush for foreign citizenship marks a stark departure from previous election cycles. While wealthy individuals historically threatened to leave during contentious political periods, immigration experts note this time is different – with clients actively initiating the complex process of securing overseas residency rights.
A recent survey by Arton Capital found 53 percent of American millionaires say they're more likely to leave the U.S. after the election, regardless of outcome. The trend is particularly pronounced among younger millionaires, with 64 percent of those between 18 and 29 "very interested" in residency-by-investment programs.
The trend represents a seismic shift in how America's elite view citizenship, transforming it from a fixed national identity into a strategic asset. The global COVID-19 pandemic accelerated this evolution when travel restrictions highlighted the value of multiple passports.
Now, wealthy young Americans increasingly approach citizenship rights as they would financial investments – diversifying across countries to hedge against political and social risks.
While European nations like Portugal, Malta, Greece, Spain and Italy remain top choices, recent policy changes have raised barriers. Portugal suspended its popular real estate investment category after foreign buyers drove property prices up in the Algarve region. Italy doubled its flat tax on wealthy foreigners to 200,000 euros ($217,000), responding to concerns about market disruption in luxury real estate hubs like Milan.
Malta's program, demanding investments of $1-1.2 million, offers the most direct path to European Union (EU) citizenship. Despite ongoing legal challenges from the EU , immigration attorneys expect Malta to maintain its program, which has become a cornerstone of the country's economy. Those seeking more affordable options increasingly turn to Caribbean nations like Antigua and Barbuda, where citizenship through real estate investment starts at $300,000.
The application process itself has become increasingly complex. Prospective emigrants must navigate extensive background checks, provide proof of wealth origin, and demonstrate significant liquid assets beyond their investment commitments. Processing times now stretch from several months to years, with some countries implementing annual quotas to manage the influx of wealthy applicants.
Beyond immediate election anxieties, immigration attorneys report clients increasingly cite fears of political violence, rising social tensions, and economic instability. Younger investors, particularly from the tech sector, view multiple citizenships as a strategic necessity in an uncertain world. Some express concerns about proposed wealth taxes and mounting government debt, while others worry about the broader implications of deepening social divisions.
For those seeking alternatives to million-dollar investments, some countries offer retirement visas or paths to citizenship through ancestral connections, particularly in European nations like Ireland and Italy.
However, these programs face growing backlogs as more Americans explore their eligibility. The surge in applications has led several countries to increase their processing fees and tighten documentation requirements.
The phenomenon has sparked debate in destination countries about the long-term impact of investment migration programs. Critics argue these policies effectively commodify citizenship, potentially undermining social cohesion. Supporters counter that wealthy immigrants bring vital capital and expertise to their new homes, often becoming significant contributors to local economies.
With another surge in applications expected after the election, some wealthy Americans aren't just watching the political landscape evolve – they're actively planning their exits.
