Yesterday I was rather alarmed by the CNBC story about the volume of millionaire consumers inquiring about a move out of the US after the election, regardless of who won. 53% of those surveyed by Arton Capital, which advises the wealthy on immigration programs, said they’re more likely to leave the U.S. after the election, no matter who won, especially the younger wealthy respondents. The response from those reading this was as alarmed and as skeptical as I was.
1. The allure of life in the Tuscan Hills is potent. Most who have experienced this and other lifestyles around the globe, have mostly done so on vacation, not unlike many who headed south to play golf during Winters in the US. Two weeks in a prime season, with less stress, no work schedule, a luxury hotel with full services, etc is very different to real life. Try setting up internet service when you don't speak the language.
2. Many parts of the world now offer tax savings that are better than those in the lowest taxed US states. Dubai. Italy. Portugal. Monaco. Puerto Rico and several other Caribbean Islands.
3. Many parts of the world offer a much lower cost of living. This is especially appealing to less wealthy people, and yet those with substantial means find this very appealing too. Yes, other parts of the world have experienced equally debilitating inflation over the past 5 years, but even with this higher cost, many things in other parts remain much cheaper.
4. The political and social environment, especially the one broadcast 24/7 by the media, social media and all those striving for profit-via-outrage is at a fever's pitch during election years. The extreme divisions are painful for many. Distracting. Nauseating.
5. The threat of loss of freedoms drove many to move states during Covid. Could the potential of certain freedom losses do the same now? Some who have thought of moving to another country for years may indeed be triggered to do so now, the same way Covid accelerated stalled plans.
When I think what it would be like to make a move, I remind myself of the biggies: a big, busy life here in Chicago, friends, familiarity, I speak the language, astounding cultural institutions, food options, a city-country lifestyle that's the best of all worlds. I am a big believer in our economy, warts and all and I believe most Americans actually like one another no matter how hard some try to pry us apart.
So while we all will have dreams of another, better life elsewhere, yes, certain elements are certain to deliver while others won't. For anyone considering a big move, don't let lower taxes or the vision of sipping Rosé on a terrace overlooking the Tuscan Hills be the only aspects you consider. All areas have a long list of pro's and con's. Don't let those local sales people fool you: they ARE selling!
