In a repeat of 2016, the re-election of Donald Trump as president of the United States has many Americans taking stock of their options to leave the country.
Wealthy Americans have already been making the preparations, their attorneys have told Coins2Day—and many were doing so as a “Plan B” regardless of who won the presidency. Other surveys have found that an increasing number of Americans at all income levels want to leave the country, with political and social unrest being a top concern, followed by the high cost of living. Over the past few years, more and more Americans have been renouncing their citizenship altogether. Anti-immigrant, anti-Semitic, and anti-LGBTQ sentiment are major drivers, as is the erosion of women’s reproductive rights, say immigration attorneys and firms.
“We saw a spike in 2017 after Trump won, and then again in 2020 due to concerns about a Democrat winning and the potential for higher taxes on income, capital gains and a wealth tax, the contested election, and the January 6 riots,” says Reaz Jafri, an immigration attorney at international law firm Withers and CEO of advisory firm Dasein.
U.S. Nationals now make up the largest portion of client applications at Henley & Partners, a global citizenship firm. “We expect this now to go into overdrive and increase even further following the results of [Tuesday]’s U.S. Election,” says Sarah Nicklin, Henley & Partners’s head of public relations.
Most Americans moving abroad look north to Canada or across the Atlantic to Europe, where popular destinations include Greece, Italy, Malta, Portugal, and Spain, according to Henley & Partners. But moving to a new country isn’t as a simple as it is domestically. Most countries have stringent requirements, and Americans can only move under certain circumstances.
Depending on the country, Americans are typically able to move if they get a job there in an in-demand profession; make a considerable investment; buy a home or other real estate investment; have retirement income; have a spouse or partner who is a citizen; or are able to work remotely.
In Canada, for example, immigrants who don’t have a citizen spouse typically need to have experience in a skilled trade or profession, and the programs are competitive: candidates are scored against each other, and only those who score the highest are able to immigrate. Certain trades and professions are more in demand than others, and different provinces have demand for different types of workers. Coins2Day‘s Lila MacLellan put together a list of the 63 jobs that make it easier to move to Canada.
Mexico is easier to move to, and Americans who do so point to the cheaper cost of living and weather as major perks. And in fact, Mexico City has become a major destination for American expats since Covid-19, when the number of Americans who applied for or renewed residency visas surged by 70% from 2019 to 2022, according to data from the Mexican government. Americans can live in Mexico for 180 days without a visa; many overstay them.
Panama can also be fairly simple for Americans to move to, at least temporarily. There is a temporary telework visa, that allows remote workers to reside there for up to 18 months (requirements include having health insurance and a monthly income of at least $3,000). It also has an accessible retirement visa, and retirees are eligible for certain tax exemptions there. Additionally, American citizens are able to visit for six months without needing a visa.
Costa Rica is another more affordable option, according to Judi Galst, managing director of private clients at Henley & Partners. Americans can qualify for a digital nomad visa there, which allows them to live and work remotely so long as they have a monthly minimum income of $3,000, or $4,000 for families. Pensioners and investors will also find simple options here.
Spain also offers a digital nomad visa, which allows remote foreign workers to move there for up to one year, with the possibility to apply for a residence permit afterwards. According to the Spanish government, workers must have an undergraduate or postgraduate degree, or have at least three years of work experience in her current field to qualify. Italy also offers a digital nomad visa to highly-skilled workers.
Portugal is an increasingly popular destination for Americans, and offers a few different routes for those who want to move there, including the D7 visa scheme, for retirees, and the Portugal golden visa program.
And for retirees, France is another great option, says Alex Ingrim, a financial advisor with global financial services firm Chase Buchanan who helps Americans move abroad, because of its favorable tax jurisdiction.
“The easiest country usually depends on someone’s particular situation, but there are plenty of options available these days,” says Ingrim.
More options for wealthy Americans
For those with considerable assets, there are many more options to gain residency and even citizenship. From Portugal to Spain to countries throughout the Caribbean, investments of a hundred thousands dollars or so to a few million can expedite the immigration process. Thailand is another good option for wealthy investors.
Finally, Australia and New Zealand are increasingly attractive spots for those—like billionaire Peter Thiel—with plenty of wealth to spare. Australia offers the Global Talent Independent Program, which is a pathway for “highly skilled executives, businesspeople, entrepreneurs, and professionals, designed to grow Australia’s innovation and tech economies,” according to Henley & Partners. New Zealand has the Active Investor Plus visa program, which requires a multi-million dollar investment to be able to live and work there indefinitely.
Clearly, not just anyone can move to any country they choose. And each country and program will have different processing times—since Covid, it has taken many countries longer to process and approve applications.
Other considerations before an AmerExit
Of course, there are many considerations that Americans should make before moving abroad. Safety, community, health care, and opportunity are all big ones. Many Americans who move abroad highlight how difficult it can be adjust to a new culture, particularly if you don’t speak the local language.
Another: Unless you renounce your citizenship, you will be on the hook to at least file taxes in the U.S. As well, because America is one of few countries that taxes based on citizenship rather than residency (Few expats are actually taxed twice due to exclusions and credits, but the paperwork is often costly and confusing).
“Because U.S. Citizens are taxed on their worldwide income and because our taxes are relatively high, potential tax implications are not much of a deterrent, especially because the U.S. Has good tax treaties with most European countries which avoids double taxation,” Jafri.
If you do renounce your citizenship, be careful of where you move. The U.S. Has been known to ban ex-Americans from reentering the states even for a visit, depending on why they left.
Finally, immigration laws are always changing, as are the rules for various residency programs across the globe. Politicians in many European countries have started pushing back against the golden visa programs, due to unintended effects on local economies. Those interested in moving abroad may find it useful to contact a global citizens firm to help them find the best options.
