- Interest in secondary passports for Americans has increased dramatically since Trump’s re-election.
- Global citizenship companies say customers are particularly concerned about LGBTQ+ rights and the economy.
- They also said they often see spikes in interest around elections.
US interest in secondary passports has increased over the past year – and global citizenship companies have reported a new surge since Donald Trump’s re-election.
“We’re way too busy right now,” Judi Galst, head of global civilian firm Henley & Partners’ New York office, told Business Insider the day after the election.
Phone calls and online inquiries to the company were “constant” the morning after Election Day, she said. The company said it saw a 392% increase in inquiries from U.S. citizens during election week compared to the week before.
Other companies active in this sector, such as Arton Capital, previously told BI that they received between 110 and 120 inquiries on the day after the election – around five times the usual number.
Customers have new concerns this time
Reaz Jafri, the CEO of citizenship consultancy Dasein, said that in addition to option B, clients are also looking to move their assets abroad.
He said people are concerned about Trump’s promise to raise tariffs and how that could affect the economy and the U.S. dollar.
In the run-up to the election, the company helped some clients set up accounts in Europe and move assets abroad, which Jafri said could take about two months.
“It’s not to avoid taxes or hide their money, it’s just to keep it out of reach of the U.S. government,” Jafri said, adding that customers want to ensure their assets are not kept solely in U.S. banks when restrictions are imposed. place.
Jafri also said the election has raised concerns within the LGBTQ+ community.
Since Trump’s re-election, Jafri says three same-sex couples have contacted him about concerns about what will happen to gay marriage. Another client, he said, had already considered a secondary passport because he has a transgender child and is concerned about their rights under the new administration.
Galst reported similar concerns from customers.
There’s a “kind of specific trauma in certain conversations” with people who are transgender or gay, Galst said, adding that she hasn’t felt that in conversations with clients in the past.
A sharp increase in interest in second passports after elections is normal
Micha-Rose Emmett, CEO of London-based citizenship consultancy CS Global Partners, said she has been in the industry for almost two decades and has covered a number of US elections.
Elections, especially those since 2016, seem to be accompanied by “people worrying” about which political party will win and looking for alternatives, she told BI.
“It peaks for a few weeks or maybe a few months and then everything goes back to normal,” Emmett said.
Concerns about a new government affect people on both sides of the political spectrum.
Ahead of the 2020 election, Jafri said there was an increase in interest from the Republican contingent of his clientele. They were concerned about Elizabeth Warren or a similar candidate becoming president and the impact it would have from “a tax policy standpoint,” he said.
Emmett said during these surges, some people end up going through the application process. However, they have been thinking about it for a while, whether there is an investment opportunity that coincides with the political situation, she said.
“For ultra-high net worth individuals, it’s not purely a political decision,” Emmett said. “I think there are many other factors.”
Secondary passport applications require a lot of paperwork and can cost at least $200,000 per application, while the more expensive locations cost $1 million for a couple.
They also don’t happen overnight. Some programs may take up to two years to process applications.
Galst said many people seeking these passports are thinking about retirement and creating opportunities for generations. Others want to diversify their assets. She said a customer told her he had spent $1 million on insurance – and this was another line item.
“I don’t agree with the headlines that everyone is leaving the United States,” Galst said, adding that 90% of her clients don’t want to leave the country, they just want an insurance policy.
Galt said she expects there will be a lot of conversations over Thanksgiving, especially because these decisions can impact a family.