A record number of Americans are seeking alternative residences outside of the U.S. with voters feeling a mix of emotions as President-elect Donald Trump soon takes office, according to a global investment firm.
Election week, from Nov. 4 through Nov. 10, versus the previous week saw a nearly 400% increase in inquiries from U.S. nationals, according to new data NBC New York obtained from Henley & Partners. Advisors say "phones are ringing off the hook" as their U.S. clients show increased interest in dual citizenship.
The 2024 year-to-date inquiries have seen an over 30% uptick, while applications are up nearly 30% compared to the same time last year, the firm's data shows.
Judi Galst, managing director at the firm, noted a constant flow of interest leading up to Election Day. Galst made it clear that people do not wish to leave the U.S. entirely but instead use dual citizenship as an "insurance policy."
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"Despite the fact there are many different options for alternative residences and citizenship by investment programs, few are going to give the exact quality of life that they [clients] are used to here in the United States. It's not their desire to leave, but they want to know they have a guaranteed way to do so for the short or long term," Galst told NBC New York.
She said her clients are considering the potential impact of the Trump administration's policies and their future generations. Other key concerns are about anti-Semitism and LGBTQ+ rights.
"We've seen a 116% increase for dual citizenship inquiries in 2024, but we've also seen a 160% increase from October to November," said Casey Johnson, an immigration attorney at Syracuse-based firm Bousquet Holstein PLLC.
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The vast majority of Johnson's New York clients are typically looking to gain dual citizenship through family lineage in Italy and Ireland, but he said there's also interest in Canada, Hungary, Slovakia, Greece and Germany.
Henley & Partners provided News 4 with a map contrasting client inquiries before the election (Oct. 20 - Nov. 4) compared to after former President Donald Trump was elected (Nov. 5 to Nov. 18).
The firm's data shows a 90% increase in requests over the two-week comparison.
The top five states with the highest interest in dual citizenship are Washington, Colorado, Pennslyvania, New York and Massachusetts. The inquiries in Washington were up nearly 200% and in New York, requests were up over 80%.
Research by investment firm Arton Capitol found that 53% of wealthy Americans say they’re making plans to leave the country, regardless of a Trump or Harris victory, reported by CNBC.
Henley & Partners has seen a growing interest in dual citizenships since the aftermath of the COVID-19 pandemic, noting similar concerns due to the election, social issues and another potential mass health crisis.
Inquiries worldwide have risen 160% across the firm's 60 offices over the last five years. Since 2019, U.S. inquiries have risen 500%.
Popular destinations sought by U.S. nationals for a second passport are Caribbean countries, such as Costa Rica and Panama. Galst says European interest remains high for Portugal, Malta and Spain considered most desirable.
"Some programs are more affordable, like in Costa Rica, it's $150,000 in real estate. They even have a fixed income route. The Caribbean is about a $200,000 contribution for a family of four -- they are not all these exorbitantly priced programs, but there are some programs that are," Galst said.
