America’s young millionaires are seeking “golden visas” because of electoral concerns

A new wave of wealthy Americans, especially young tech entrepreneurs and finance professionals, are chasing “golden visas” ahead of the 2024 presidential election between vice president Kamala Harris and former president Donald Trump, NBC News reports.

Immigration lawyers describe an unprecedented increase in applications for residency rights abroad, particularly among upwardly mobile millennials and Gen-Z investors worried about political instability regardless of the winner of Tuesday’s results.

This rush for foreign citizenship marks a stark departure from previous election cycles. While wealthy individuals have historically threatened to leave during politically contentious times, immigration experts note that this time is different — with clients actively initiating the complex process of securing residency rights abroad.

A recent poll by Arton Capital found that 53 percent of American millionaires say they are more likely to leave the U.S. after the election, regardless of the outcome. The trend is particularly pronounced among younger millionaires, with 64% of 18- to 29-year-olds being “very interested” in post-investment residency 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. Globalia COVID 19 the pandemic accelerated this development when travel restrictions highlighted the value of multiple passports.

Now, wealthy young Americans increasingly approach citizenship as they do financial investment—diversifying across countries to hedge against political and social risks.

While European nations such as Portugal, Malta, Greece, Spain and Italy remain top choices, recent policy changes have raised barriers. Portugal has suspended its popular investment property category after foreign buyers drove up property prices in the Algarve region. Italy has doubled its one-off tax on wealthy foreigners to 200,000 euros ($217,000) in response to concerns about market disruption in luxury real estate centers such as Milan.

Malta’s program, which calls for investments of US$1-1.2 million, offers the most direct route to european union citizenship (EU). Despite ongoing legal challenges from euimmigration lawyers expect Malta to maintain the program, which has become a cornerstone of the country’s economy. Those looking for more affordable options are increasingly turning to Caribbean countries such as Antigua and Barbuda, where citizenship through real estate investment starts at $300,000.

The application process itself has become increasingly complex. Prospective expatriates must undergo extensive background checks, provide proof of wealth origin and demonstrate significant liquid assets beyond their investment commitments. Processing times now stretch from months to years, with some countries implementing annual quotas to handle the influx of wealthy applicants.

Beyond immediate election anxieties, immigration lawyers report that clients are increasingly citing fears of political violence, rising social tensions and economic instability. Younger investors, especially in the technology sector, see multiple citizenships as a strategic imperative in an uncertain world. Some express concern about proposed wealth taxes and rising government debt, while others worry about the wider implications of deepening social divisions.

For those looking for alternatives to investing millions of dollars, some countries offer retirement visas or pathways to citizenship through ancestral connections, particularly in European nations like Ireland and Italy.

However, these programs are facing increasing delays as more Americans explore their eligibility. The increase in requests 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 that these policies effectively commodify citizenship, undermining social cohesion. Proponents argue that wealthy immigrants bring vital capital and expertise to their new homes, often becoming significant contributors to local economies.

With a new surge in claims expected after the election, some wealthy Americans are not just watching the political landscape evolve, they’re actively planning their exits.