Why a record number of wealthy Americans are looking overseas for another residence or citizenship
S E E D E D C O N T E N T
Increasingly more high-net worth and ultra-high-net worth Americans are "hedging their bets" against political turmoil and social unrest by pursuing backup visas and citizenships abroad.
There are now more Americans applying for residence and citizenship-by-investment programs than citizens of any other country. Over the past five years, inquiries from the U.S. about these programs have increased by 500%.
These programs involve making an investment of, typically, a few hundred thousand dollars and spending a few years in a country in exchange for a visa or citizenship.
Since the COVID-19 pandemic, what used to be the purview of Russia's elite and those seeking to escape oppressive regimes is now increasingly popular among U.S. citizens, who are seeking so-called golden visas and passports.
American clients are increasingly worried about the political climate in the U.S.
They plan to move because they're worried about their kids facing the singularly American problem of mass shootings, or—in the case of his Silicon Valley clients, in particular—they'd like a place to ride out the apocalypse .
And some plan to expatriate to a nation with a friendlier tax code. Lesperance points to the possibility of a "billionaire tax" —promoted by Democrats—as a particular catalyst.
"With political divisions and societal tensions at an all-time high, American investors, entrepreneurs, and wealthy families are increasingly hedging their bets and pursuing backup citizenship or residence abroad, signaling declining faith in the domestic outlook,"
That's no doubt because the U.S., for all its faults, is still "the undisputed leader in private wealth creation and accumulation," the report notes: America holds 32% of global liquid investable wealth and home to 37% of the world's millionaires.
What's more, some 5.5 million Americans hold at least $1 million in liquid investable assets, a number that's climbed by 62% over the past 10 years.
The U.S. also remains home to the most centi-millionaires and billionaires at least partly because, despite whatever turmoil exists in the U.S., it still remains a relative "safe haven" globally,
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Increasingly more high-net worth and ultra-high-net worth Americans are "hedging their bets" against political turmoil and social unrest by pursuing backup visas and citizenships abroad.
American clients are increasingly worried about the political climate in the U.S.
IMO the divisiveness and its consequences are getting worse all the time.
They plan to move because they're worried about their kids facing the singularly American problem of mass shootings, or—in the case of his Silicon Valley clients, in particular—they'd like a place to ride out the apocalypse .
And some plan to expatriate to a nation with a friendlier tax code. Lesperance points to the possibility of a "billionaire tax" —promoted by Democrats—as a particular catalyst.
You can be relatively POOR and live in a lot more comfort in China than I could possibly live even in Canada, and you would have absolutely ZERO concern about you or your loved ones being shot.
Morning...asked my cousin's son fiancee who is Chinese why she left China five years ago to come here..
Quote... it's to crowded, to polluted, to much of a dictating and interfering government and who wants to live their life in a high rise building..she is from Beijing..
Here she has bought her own block of land and unit, owns a very nice car and has an excellent paying job.. but the best part she said was owning a large Alsatian dog..she always wanted one but couldn't living in a tiny apartment 20 floors up...
I asked her if she would ever go back to China...no never and she has now become an Aussie citizen...she is now currently holidaying in Japan for three weeks with her fiancee..
She is also in the process of bringing her mum out to live for a better quality of life...stuck in an apartment 20 floors up heading into her 70s and no family support result of the one child policy is now making life for her very difficult with her health and mobility problems..
So what you may gain in one area you may lose in another...
I can understand her concern about pollution - Beijing is famous for that,, but it's pretty clean where I am, and I really don't mind living on the 15th floor, no need for screens and I'm in a nice part of a big city, surrounded by beautifully landscaped university campuses, and everything I need or want is close so I don't need a car. The government is no problem for me or anyone I know, and I've always been treated with respect by police and government officials.
So - different strokes for different folks, or as the French say, Chacun a son gout.
Evening...rather interesting what just rolled up in Northern Western Australia yesterday..
A boat load of Chinese seeking asylum...rather odd not heard any coming from China before..bad luck for them though..they already been deported straight away to Nauru detention centre never to settle here..could be held there for years..
Will be interesting to see how the Chinese government responds..or even acknowledges that these citizens are seeking asylum...
Although in my more than 17 years here I've not been witness to it, I guess there are going to be unhappy people pretty well anywhere, even if where they are is utopia.
That's no doubt because the U.S., for all its faults, is still "the undisputed leader in private wealth creation and accumulation," the report notes: America holds 32% of global liquid investable wealth and home to 37% of the world's millionaires.
What's more, some 5.5 million Americans hold at least $1 million in liquid investable assets, a number that's climbed by 62% over the past 10 years.
The U.S. also remains home to the most centi-millionaires and billionaires at least partly because, despite whatever turmoil exists in the U.S., it still remains a relative "safe haven" globally,
Wonderful, if you happen to be at least a multi-millionaire.
GOOD! Move away and stay away! The trash in this country is at the upper-end of the scale. False Churches, Bigotry and Greed ! Take your money and run, unpatriotic bags of shit !
What metrics are you using? Show us your math.
Morning...they can always move Down Under...
Our snappies, bities and stingies love fresh meat..
We’ve got to take care of the great circle of life.
Well I'm a half way (or a half assed Aussie) We plan on spending around 4 to 6 months there in 2025 most likely Jan thru April and Samoa for May and June. Our friend offered his house to us since he'll be in the US for those months.
Morning.. excellent and will be a good time of year to come..sun, sand and surf..
That will be "half arsed" we will have to re educate you in spelling..🐨
Where abouts will you be staying?
As you have just indicated, you know that people call Australia "Down Under". I was just wondering if Australians call others "Up Over"?
Arvo..nahh..we just say the drop kicks up in the Northern Hemisphere..that covers it..😁😁
That was my half assed American half. LOL
We are going to spend a week in Sydney, visiting old friends then off to Orange for who knows how long then down to Broken Hill, I have a grandson living there and he is refurbishing a home built in the 1880s. From there to Adalide and perhaps we can get most of the family together for a week or so on Kangaroo Island. After that over to Perth to see more family and then from there up to Samoa or back to Sydney.
Evening..sounds great..and you will have a ripper time..🦘🦘
As long as it remains unbroken:
Johnny Cash & Family - Will the Circle Be Unbroken
What is this-- some sort of a joke???
How will this effect our taxes? (The amount we pay?)
When taxes on the very rich are high-- they often just up and leave (move to another state). If they're very rich, and enough of them leave-- taxes on the middle class and lower have to go up.