Europe may soon see a wave of wealthy Americans as Democratic Party supporters, faced with another presidential administration of Donald Trump, consider taking refuge abroad.
Interest in so-called "golden visas" has increased among American citizens since the election, according to advisers who help the wealthy migrate. Golden visas allow people to practically buy foreign citizenship or residency through significant investments, including investments in real estate, government bonds or startups.
Henley & Partners, which claims to have invented the concept of citizenship by investment in the 1990s, said that the number of inquiries from US citizens through its website increased almost 400 percent on the week of the United States election, compared to the previous week.
However, many of these people do not plan to move permanently to a new country. "The main focus of most Americans is just to have a backup option ... something like an insurance policy," said Dominik Volek, head of private clients at Henley & Partners.
Arton Capital, another investment migration consulting firm, said it received more than 100 inquiries the day after Trump's landslide victory was announced, five times the daily average.
"A very small percentage of those people actually move, but they all want to have a backup option as a Plan B," CEO Armand Arton told CNN. "We will definitely have a lot of work (in the next) six months on the American market".
An Italian village struggling with an exodus is trying to capitalize on a surge in demand: After the election, the village of Ololai, on the island of Sardinia, launched a website offering ultra-cheap homes in the hope that those unhappy with the result would buy one. of vacant properties.
Historically, residency and citizenship-by-investment programs have attracted elites from emerging markets — including Nigeria, South Africa, China, India and the Philippines — who typically face higher levels of political and economic instability at home or want another passport that gives them enables visa-free travel.
Americans weren't a big source of demand for golden visas until the pandemic, when the Covid-19 lockdown meant they couldn't visit Europe without a European passport, even if they owned other real estate on the continent or could travel by private jet, Volek said.
"A large number of very wealthy families ... were more exposed than they realized," he told CNN.
Demand has been on the rise since then, and increased political divisions and social tensions in the United States are also fueling interest, according to a report by Henley & Partners published earlier this year. As of 2020, US citizens are the largest group of applicants for the investment migration programs offered by this firm.
Golden visa inquiries from Americans are up 33% this year compared to the same period last year, with programs in Europe being the most sought after.
Portugal's Golden Residence Permit program ranks first on the popularity list because it is relatively affordable, requiring a minimum investment of 250.000 euros to support art or national cultural heritage. It also offers a path to European Union citizenship in just five years, while countries such as Greece, Spain and Italy, which are also popular with Americans, take between seven and ten years.
Golden visa inquiries from Americans are up 33% this year compared to the same period last year, with programs in Europe most in demand
The super-rich, those with a net worth of $50 million or more, tend to favor Malta or Austria, which offer direct paths to citizenship, but at a much higher price, Volek said.
The Maltese program requires a grant of €600.000 to the government, with significant additional investment in real estate in the country and a donation of €10.000 to local charities. Austria requires a direct contribution to the economy, such as an investment in a local business, which usually starts at around 3,5 million euros.
The question is, what about ordinary Americans?
With golden visas out of reach for most Americans, social media has been abuzz with talk of other options for moving abroad.
The super-rich, those with a net worth of $50 million or more, tend to favor Malta or Austria, which offer direct paths to citizenship, but at a high price
A YouTube video on "lands for Americans who want to leave the U.S.," posted less than two weeks ago by a couple helping people relocate, has had more than half a million views and 4.000 comments, including from Americans who say are urgently exploring options for living abroad.
On Reddit, a thread titled “Immigration after US election results” had 1.300 comments in less than two weeks.
In an LGBT group on Reddit, one user posted a comment just before the election, saying that he and his husband felt they "may need to leave the US as refugees if Trump wins."
Flanery Foster, an American who lives in Spain and helps other Americans travel, work and study abroad, has heard similar stories.
"I'm talking to people whose lives and livelihoods are at risk," Foster told CNN, referring to women, black people, parents of transgender children and members of the LGBTQ+ community. "These people are not your 'golden visa' population," she added.
Since the election, Foster, who is in the process of obtaining Spanish citizenship, has seen an "exponential increase" in the number of inquiries and says she is currently working with about 50 people who are interested in living outside the US.
However, these people do not want to give up their American citizenship. "the general feeling is: I'm leaving because I have to and I want to make sure that my voice still carries weight".
Text taken from edition.cnn.com
Translation: NB
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