A record number of wealthy Americans are planning to leave the US after the election.

A growing number of wealthy Americans are planning to leave the country ahead of Tuesday’s election, many fearing political and social unrest regardless of who wins, according to immigration attorneys.

Family offices and lawyers and advisers to high-net-worth families said they were seeing record demand from clients seeking second passports or long-term residences abroad. While post-election talk of going abroad is common, wealth advisers said many of the rich are already taking action this time around.

“We’ve never seen demand like this,” said Dominic Wolk, group head of private clients at Henley & Partners, which advises the wealthy on international migration.

Volk said that for the first time, wealthy Americans are far from the company’s largest client base, accounting for 20% of its business, or more than any other nationality. He said the number of Americans planning to go abroad is at least 30 percent higher than last year.

David Lesperance, managing partner of international tax and immigration firm Lesperance & Associates, said the number of Americans hiring him for potential moves abroad has nearly tripled over the past year.

A survey by Arten Capital, which advises the wealthy on immigration programs, found that 53% of US millionaires say they are more likely to leave the US after the election, no matter who wins. Younger millionaires were the most likely to leave, with 64 percent of millionaires between the ages of 18 and 29 saying they would be “very interested” in getting a so-called golden visa through the overseas residency-by-investment program. have

It’s true that interest in second passports or residency among the US affluent has been on the rise since Covid-19. Whether it’s retiring to a hot, cheap country or being closer to family abroad, the wealthy have many non-political reasons to work abroad.

Even the super-rich increasingly see citizenship in one country as a concentrated personal and financial risk. As they diversify their investments, they are now creating “Passport Portfolio“To protect their country from danger. Others want non-US passports if they are traveling to dangerous countries or territories hostile to the United States.”

Yet the election and political climate have intensified, and pressure from wealthy Americans to consider a Plan B abroad has increased. For more than three decades, his American clients were primarily interested in moving abroad for tax reasons, Lesprince said. Now, it’s politics and fear of violence, with next week’s elections allaying those fears.

“For some of them, the bottom line is, ‘I don’t want to live in Mega America,'” Lesperance said. Others worry about violence if he loses, or Vice President Kamala Harris’ plan. Tax unrealized capital gains For those with a net worth of over $100 million. While tax analysts say the unrealized benefits plan has little chance of passing Congress, even with a Democratic majority, Lesprenes said it’s still a risk.

“Even if there’s only a 3 percent chance of that happening, you still want to have insurance,” he said.

Advocates say the wealthy also cite mass school shootings, the potential for political violence, antisemitism, Islamophobia and mounting government debt as reasons to drop out.

When it comes to destinations, Americans are primarily looking to Europe. According to Henley, the top countries for Americans seeking residency or second citizenship are Portugal, Malta, Greece, Spain and Antigua. Italy has also become popular with Americans.

“The love affair between the Americans and Europe has been going on for a long time,” said Armand Arton of Arton Capital. “It comes with a price, and they’re perfectly fine investing a couple hundred thousand dollars or a million and a half in a property or a fund.”

However, laws and costs are changing rapidly. While mass immigration has become a major political issue around the world, some politicians in Europe have begun to push back against golden visas that grant the wealthy purely investment-based citizenship or residency.

For example, Portugal suffered a backlash when foreigners flooded the Algarve and bought beachfront properties as part of the Golden Visa program. With property prices rising by 15 percent, the government changed the rules, increased the minimum investment threshold and removed residential property as an investment category.

Italy this summer doubled its flat tax on the overseas income of wealthy foreigners who move their tax residence to Italy, to 200,000 euros. The change came after a wave of wealthy new immigrants came to the program and drove up property prices in Milan.

Until now, Malta is the second passport for the rich Americans. Although expensive, at around $1 million to $1.2 million, Malta’s citizenship-by-investment program offers citizenship and unlimited travel and residence in Malta and by extension the European Union, according to immigration attorneys. The EU is challenging the Malta program in court, but most immigration attorneys expect the country to prevail.

The Caribbean is becoming increasingly popular for Americans who simply want a second passport. Buying an approved piece of property in Antigua and Barbuda for over $300,000 puts you on the path to citizenship, which gives you the freedom to travel to Hong Kong, Russia, Singapore, the UK and Europe, among other countries. Saint Lucia is also becoming increasingly popular, advocates say.

Americans with ancestry in Ireland, Italy and dozens of other countries can apply for so-called “ancestry citizenship,” which is usually cheaper than an investment visa. Some countries, such as Portugal, also offer retirement visas, which allow entry and a pathway to citizenship.

Don’t expect to get citizenship or residency right away. With so many applications inundated with attorneys and countries, and so many different background checks and approvals required, the process can take months or a year or even longer. And the waiting list can be long depending on the election results.

“It’s getting crowded,” Lesperance said. “And I’m sure I’m going to get a bunch more on November 6 or 7.”