As the US presidential election hits its home stretch, companies that advise Americans on how to move abroad are busier than ever.
“After the debate with Biden and Trump, our traffic shot up 900%,” says Jen Barnett, founder of Expatsi, a company that helps Americans figure out how they can realistically leave the country. “In the past couple of weeks, as poll numbers flip-flop, demand has absolutely exploded.”
She says Americans are starting to seriously consider an exit strategy instead of just talking about moving somewhere else. She’s one of them, having moved from Alabama to Mérida, Mexico, earlier this year.
In an October survey of 7,000 Americans interested in emigrating, Barnett’s company found that political division was among the top reasons for wanting to leave, second only to “adventure and personal growth.”
Henley & Partners, one of the biggest firms specializing in residency- and citizenship-by-investment, says the total number of inquires from the US has risen by 500% since 2020 and that the first ten months of 2024 have already seen more demand than all of 2023.
“The primary driver for US citizens looking outside the country is political uncertainty,” says Basil Mohr-Elzeki, managing director at Henley & Partners. He says clients generally won’t spend more than 10% of their net worth on residency and citizenship programs, which can vary in cost from around $100,000 to $8 million. More than 40 countries have these type of residency-by-investment programs, what are known as “golden visas,” including the US itself. (It costs a minimum of $800,000 to buy US residency.)
Global Citizen Solutions, which helps facilitate citizenship and residency, is seeing similar upticks in demand.
“We’re speaking to a lot of Americans at the moment,” says Artur Saraiva, the company’s co-founder. He says the election has played a big role, and he’s seen demand from both registered Democrats and Republicans.
Saraiva says the majority of his clients are looking into residency-by-investment programs.
“Portugal has been very attractive,” Saraiva says, citing the country’s high quality of life and pathways to getting European passports, which enable freedom of movement within the European Union. He adds that Greece is also a top choice because of the laid-back, sun-filled lifestyle.
Experts advise those who are interested in becoming expats to spend some time in their potential home before packing all their bags. Before landing in Mexico, for instance, Expatsi’s Barnett thought she might want to live in Vancouver. Then she came to terms with the cost of living there, which she realized during a trial stint was higher than she’d initially anticipated. There were also logistical difficulties in terms of securing work permits in Canada. It’s all much more complex than just booking a flight and renting a home, and there are different rules for retirees and students than there are for people who intend to work.
If next week’s presidential election doesn’t go your way, here are four strategies that experts say will help you as an American get out of Dodge, and where a path might take you.
Digital Nomad Programs
Many countries offer programs where remote workers, aka “digital nomads,” can live and work abroad for a fixed period of time, generally subject to minimum income requirements. In Spain—the best country to be a digital nomad according to Global Citizen Solutions—that income amount is €2,400 ($2,600) per month for a single adult. Global Citizen Solutions highlights Spain’s affordability, high-speed internet, startup laws based on boosting the country’s economy and, crucially, zero taxation on foreign earned income.
In a bid to compete for foreign talent and investment, popular destinations such as Greece, Italy, Japan and Thailand have all added digital nomad programs.
Expatsi’s Barnett also says the DAFT visa (Dutch American Friendship Treaty) that lets American entrepreneurs to work in the Netherlands is another great option—it allows for an initial residency of up to two years. Many digital nomad programs allow people to stay for a year on a visa, with the option to renew it.
Residence by Investment
Some countries give out golden visas to those who invest large amounts of money in the country. These are becoming increasingly controversial, with worries of corruption and increasing real estate prices for locals. However, there are still viable paths to move abroad if an individual has the funds available.
Portugal, for instance, has changed the terms of its golden visa program, making it harder to get approval by simply buying property in the country. But it remains an attractive destination for residence by investment. Now prospective residents must invest a minimum of €500,000 in companies or funds not connected to real estate—Saraiva says he’s advised clients to spend this sum on things like green energy solutions and art foundations.
Citizenship by Descent
If Americans can prove tangible evidence of their heritage in a foreign country, they can explore gaining citizenship there. For example, anyone who can prove direct descent from an Italian ancestor born after March 1861—when the modern Italian state was formed—is eligible to apply for Italian citizenship. (The right documentation is required.)
Italian attorney Marco Permunian says over the past few years, he’s noticed a continuous growth in applications from foreigners (especially US citizens), who wish to apply for Italian citizenship by descent. He had around 480 monthly inquiries last year, and in May, as the election kicked into full gear, he registered just shy of 1,000.
Permunian isn’t surprised. “Overall, the general feeling of instability throughout the US, both politically and socially, in recent years has been a driver for many US citizens to pursue a path to dual citizenship,” he says. “Particularly in Europe.”
Skilled Worker Visas Or Employee Transfers
For some lucky people, there’s always the option of moving to a foreign office affiliated with your current company, if your employer is an international organization that can sponsor you to live and work abroad. Not a possibility for you? Then apply for a visa in a country looking for workers in a specific trade.
“This route is the most challenging, but that’s what most people under 60 need,” says Expatsi’s Barnett. “Finding remote work that will let you move abroad is really hard, so we try to encourage people to re-skill or upskill into nursing, construction trades or software, as they are the fields most in demand,” she explains.
The Top Five Most Popular Countries for Americans to Move to in 2024
According to data shared with Bloomberg from Henley & Partners, these are the countries and programs that were most in-demand with American clients so far in 2024, a year that’s shaping to break records for the firm.
- Antigua and Barbuda citizenship: minimum nonrefundable donations of $230,000.
- Portugal residence: €500,000 investment in companies or funds not connected to real estate.
- Malta citizenship: €600,000 minimum investment, excluding real estate.
- Greece residence: ranges from a €250,000 to €800,000 minimum investment in real estate, depending on the type of investment and location within the country.
- Spain residence: €500,000 minimum investment in real estate or €1 million in investment funds or shares.
