Clients Want to Dump Trump to Live Abroad. It’s Harder Than They Think

Hollywood elites aren’t the only ones looking to leave the US.

The country is in a highly divisive time (Then again, when is it not?) full of executive orders, tariffs, and chainsaws. It’s gotten to a point that some Americans are seriously considering becoming expatriates, and are going to their wealth managers to get advice on how to put the US in the rear-view mirror. But moving to a new country isn’t like signing a lease on an apartment that’s closer to work; there are countless obstacles, and advisors urge their clients to consider all of them before making a life-changing decision.

“I’ve gotten none of these types of requests from clients in my whole career, then all of the sudden, I get six or seven since December,” said Stephen Kolano, CIO of Integrated Partners. He said advisors shouldn’t steer clients one way or the other, but rather focus on the massive implications. 

Breaking Up is Hard to Do

In the past few months, three clients have approached Savant Wealth advisor Scooter Thomas to discuss moving away. They’re less concerned with the Trump administration’s fiscal policy and more anxious about the effects of its social agenda on women’s health and DEI practices, he said. “They feel like inherently American ideals have been dismantled to the point where they can’t support living here anymore,” he told Advisor Upside. 

One of his clients attempted essentially a 10-week, dry-run ahead of a full move to Portugal. She cut it short a few weeks early. “It’s just not for her,” Thomas said. “She doesn’t speak Portuguese, she’s 70, and a lot of folks can’t change their lifestyle to a level that would be required to live abroad.”

Everybody Talks. Still, some 21% of Americans said they want to leave the country, up from just 17% in 2023, according to a Gallup poll released in October:

• Americans’ and Canadians’ desire to migrate is fifth-highest in the world right after those in the European Union, the poll found.
• Although the US and Canada are the top two destinations for migrants, they also contain record-high numbers of people wanting to permanently leave.

Keep in mind that expats have to notify multiple government agencies, secure homes and work visas in a new country, and depending on net worth, may even have to pay an exit tax before renouncing their US citizenship. The financial complexities are often more complicated than clients think, said Thomas Van Spankeren, CIO of RISE Investments. 

“It’s not uncommon for the rosy thought of leaving the country to come up when there is a new administration they disagree with,” he told Advisor Upside. “But a lot of the time, it’s a premature thought.”