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New analysis by Astons, the international experts on real estate, residency and citizenship through investment, reveals that there has been a huge surge in the number of US citizens choosing to expatriate, with the first three quarters of 2024 seeing a significantly higher number of US leavers than were seen during the entirety of 2023.
Astons has analysed data from the US Federal Register* showing the number of US citizens who have chosen to expatriate and gain residency or citizenship to a foreign country on a quarterly basis between Q1 2017 and Q3 2024 (latest available data) and how the number of annual US leavers has changed over time.
The data reveals that 2024 has seen a huge increase in the number of US citizens leaving the country and planting roots elsewhere in the world and that’s even before the election took place. Over the first three quarters of 2024, 4,184 US citizens have expatriated. This marks an increase of +28.3% on the entire number seen throughout 2023 (Q1 to Q4).
This is significant because it shows that the number of US leavers in 2024 has already eclipsed last year’s annual total before accounting for the impact of the US election and Donald Trump’s victory. In fact, in Q3 2024 alone, 2,123 US citizens expatriated, marking the highest quarterly total since Q2 2020 (2,406).
Whilst the full number of US expatriates for 2024 remains unknown as of yet, it’s set to dwarf the total number seen in 2023 when data for Q4 2024 is released.
What’s more, we could potentially see the total number of US expatriates seen in 2024 surpass the total seen in 2020, when a staggering total of 6,705 US citizens expatriated due to the overwhelming impact and spread of COVID-19.
More Americans utilising Golden Visas As with the COVID-19 pandemic, one route being utilised to exit the United States with haste, both in the lead up to and following the election, is via residency by investment or Golden Visas.
High-net-worth Individuals are increasingly seeing the value of spreading their personal and financial risks across multiple nations rather than hedging all of their bets on one local economy.
As such, residency to another country gives them the chance to diversify rather than limit their opportunities.
In addition, the prospect of an additional non-US passport is also driving this decision, bringing additional security and freedom when travelling and allowing those who can’t face another term of Trump the option to exit the United States for a prolonged period of time.
Where are they going? Previous research from Astons has shown that Europe is a prime choice for US citizens looking to secure additional citizenship or residency, not least because it can often provide access to the EU and free movement of the Schengen area.
Currently, the most popular European country for US leavers is Greece which Astons says is the focus of as much as 50% of all the firm’s US Golden Visa applications in 2024. By the end of the year, the number of American Golden Visa holders in Greece is expected to be double that of 2023.
Greece’s investment requirements are very attractive. With a minimum buy-in of just $264,208, investors get five years of residency for the whole family with a right to renew at the end of that term. Greece’s popularity is, in part, due to these generous Golden Visa benefits, but also the location, lifestyle, luxury, and lucrative ROI opportunities on offer. Not to mention access to one of Europe’s most lucrative property markets and best performing economies.
Citizenship, residence permit, and real estate investment expert for Astons, Alena Lesina, commented:
“We are seeing a surge in US citizens using investment as a means of seeking residency or citizenship to other countries. This number has been steadily increasing through the first three quarters of this year, and this is a trend that is being mirrored with respect to the total number of US citizens choosing to expatriate.
We’ve already seen a significant uptick in activity from US citizens following the election and we forecast that the final quarter of this year will only intensify the trends seen over the first nine months of this year.
Europe is a key destination for these US expats, and Greece finds itself in the top echelon of popular European Golden Visa nations.
The country is in high demand amongst wealthy American expats, so anyone who has eyes on Greek residency is advised to act sooner rather than later.”
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Notes to Editors: –
· Astons are leading international real estate experts on residency and citizenship through investment offering bespoke residence and citizenship solutions in the EU, the Caribbean, and other countries through property investment. · Astons have over 30 years of experience assisting individuals to successfully relocate their lives, lifestyles and companies through the complex world of global immigration law · Astons offer everything from residency and citizenship, to legal support and guidance on worldwide property investment. · Astons is a leading global investment migration and luxury real estate company specializing in bespoke residency, citizenship, and premium real estate solutions in more than 11 countries. · Founded in 1989, Astons provides a comprehensive suite of services for HNW clients with a worldwide footprint of offices in London, Dubai, Istanbul, Limassol, Athens, Fort Lauderdale, and Saint Julians. |
