Rich Americans applying for foreign residency due to 'fear about future'

More and more wealthy Americans are applying for citizenship or residency in foreign countries due to "fear about the future" of the United States, a new report has revealed.

Business Insider, a US-based news portal, on Saturday cited investment migration firms saying that recent events in the country prompted American billionaires, tech entrepreneurs, and celebrities to “look to create a 'plan B' for their families”.

Ezzedeen Soleiman, a managing partner at Latitude Residency & Citizenship, said top tiers in US society were seeking a getaway.

"We've had some billionaires approach us and ask what the best place to live is," he was quoted as saying.

There are "four C's" driving wealthy Americans to seek a second getaway passport for themselves: Conflict in US society, COVID-19, Climate change, and Cryptocurrency, according to Dominic Volek, head of private clients at Henley & Partners.

He cited “high tensions and social unrest” in the American society fueled by former president Donald Trump and exacerbated by the pandemic lockdowns as two main factors causing wealthy Americans to have a feeling of apprehension about their country’s future.

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Over the past three years, more Americans inquired about getting a second passport than in the previous 20 years combined, according to the CEO of Dasein Advisors, Reaz Jafri.

He said his firm had received immigration requests from affluent Americans with a net worth between $50 million and $20 billion, saying the one thing that all his clients had in common was that they had deep-rooted fear about America's future.

One immigration firm, Latitude, said US inquiries had gone 300 percent between 2019 and 2021.

Henley & Partners, one of the world's largest immigration brokers, said sales to American nationals increased by 327 percent between 2019 and 2020, and an additional 10 percent rise in 2021. 

More than a dozen countries offer visas and so-called "golden passports" to rich foreigners who make investments in their countries.

The Portugal Golden Residence Permit Program was cited as the most popular deal purchased by wealthy Americans. 

This is a five-year residence-by-investment program for non-EU nationals. Portugal is a full member of the EU and the residence permit allows visa-free access to the European Union member states. Holders of this permit are free to work and study in Portugal, and after five years, they can apply for permanent residency. 

It requires an average stay of just seven days a year in Portugal over five years. However, the most expensive investment programs for immigration were reportedly between $1.1 million and $9.5 million in Malta and Austria, respectively.  

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