US to Europe: The Great Migration Boom of America’s Wealthiest
Increase of 70 Percent From 2023
The number of inquiries from people based in the United States increased by 70 percent in 2024 (compared to 2023), making the US the most important market for the company. And the trend continues: «Looking at the year to date in 2025 (1 Jan to 18 Feb), there has been a 144 percent increase in inquiries from the US compared to the same period in 2024.»
Mohr Elzeki explained that, in terms of preferred destinations, Henley & Partners see an overwhelming demand for European programs.
Malta, Portugal, Switzerland, Austria
The most sought-after options include Malta’s Citizenship by Naturalization for Exceptional Services, Portugal’s Golden Visa, and residence programs in Switzerland and Austria.
According to Mohr Elzeki, these programs appeal to affluent Americans seeking not only financial diversification but also access to high-quality healthcare, education, and global mobility.
This rise in demand aligns with broader market indicators, suggesting that investment migration is no longer a fringe consideration for US citizens but rather an increasingly mainstream option for those looking to secure alternative residences or citizenships.
«Geopolitical Arbitrage»
Referring to the clients, Mohr Elzeki added: «Faced with unprecedented instability and uncertainty, they are adopting a strategy of geopolitical arbitrage to acquire additional residence and citizenship options to hedge against jurisdictional risk and leverage differences in legal, economic, political, and social conditions across countries» and thereby optimize their personal, financial, and lifestyle outcomes.
Henley & Partners' findings are further substantiated by data from ExPatsi, a company specializing in global relocation services. Their 2024 survey, which gathered responses from over 116,000 Americans considering a move abroad, confirms that the appetite for expatriation is not only real but accelerating. The report reveals that two-thirds of respondents aim to leave the U.S. by 2026, underscoring a significant shift in mindset among affluent and mobile individuals.
Spain and France
Western Europe emerges as the clear favorite among those seeking new residency, with Portugal, Spain, Switzerland, and France ranking as the top destinations – a pattern that was broadly confirmed talking to other experts. Notably, this preference aligns closely with Henley & Partners’ data, which also identified strong demand for European migration programs.
Beyond simple geographic preferences, the motivations behind this movement are evolving. While traditional expatriates may have sought new opportunities for personal growth or adventure, political and societal factors are playing an increasingly dominant role.
Conservatism and Gun Violence
The ExPatsi report highlights that the percentage of Americans citing U.S. conservatism as a primary reason for leaving rose by 10 percent in 2024 compared to the previous year. Furthermore, for the first time, «avoiding the threat of gun violence» was introduced as a response option, and nearly 50 percent of respondents selected it.
The economic dimension is also significant. The survey found that if all ExPatsi respondents were to relocate, they would collectively remove USD 6.5 billion in annual spending power from the U.S. economy. This suggests that the migration trend extends beyond individuals seeking better lifestyles—it has real financial implications that may influence broader economic policies in the years to come.
Active Exit Planning
Taken together, the ExPatsi findings reinforce the conclusions drawn by Henley & Partners. Americans are not just inquiring about alternative residences; they are actively planning their exits.
finews.asia sought perspectives from additional industry experts, whose insights paint a more granular picture of the forces influencing wealthy Americans to reconsider their future at home and abroad.
One Million YouTube Followers
One of the most outspoken voices in the investment migration space is Andrew Henderson, founder and CEO of Nomad Capitalist. Having personally renounced his U.S. citizenship, Henderson has dedicated his career to advising entrepreneurs and high-net-worth individuals on expatriation strategies. He is the owner of a YouTube channel dedicated to the issue, which has over one million subscribers.
Reflecting on his own decision, Henderson told finews.asia that for him, it was a combination of personal misalignment with U.S. culture and the sheer complexity of tax regulations. Even while paying zero tax legally, the burden of compliance and bureaucracy was overwhelming. «The West is headed in the wrong direction and I'm much happier in a place like Malaysia, so we help people do that..»
Enter Ireland
His company serves a distinct clientele: primarily entrepreneurs and investors seeking alternative citizenship, tax optimization, and global mobility. «A record number of Americans are getting British citizenship because they've been living there. We don't help people move to the UK, but we have had more people ask about Ireland, for example. Portugal remains popular. Spain remains interesting.»
When asked why Switzerland is not a major destination for his clients, Henderson was clear: «I think Switzerland is harder. I think. If you have a clean criminal record, you're going to get a Portugal golden visa. Switzerland, meanwhile, is not a rubber stamp.»
Read on the next page about the rising demand for Swiss bank accounts—and how the U.S. is pushing back.
