Why Wealthy Americans Are Fleeing to Portugal and Italy Amid Political Turmoil

For years, aging Americans have sought refuge in Florida for their retirement, but now, many are eyeing Portugal and Italy instead, largely due to fears surrounding a potential Trump presidency.

‘This country of mine has become intolerant’

David, a 65-year-old lawyer from Chicago, recently scouted properties in Portugal, aiming for a peaceful life on the Silver Coast. He cites the toxic political climate and the threat of gun violence as major reasons for his move.

David expresses dismay at the intolerance in the U.S., particularly regarding immigration. He plans to finalize a property deal before the November elections, anticipating a surge in demand for homes abroad if Trump wins.

Americans rushing abroad

David isn’t alone; he’s helping friends navigate similar decisions. Real estate consultant Kylie Adamec notes that many Americans are prioritizing their options abroad over tax concerns, driven by the upcoming elections.

As the political landscape grows increasingly divisive, inquiries for Italian passports have surged, with a 300% increase noted by Christopher Willis, a residency advisor. Many are not ready to move yet but are preparing just in case.

Europe’s own political toxicity

However, Americans might find that Europe isn’t the paradise they envision. Political tensions, such as Trump's threats to NATO and the rise of far-right factions in Italy and Portugal, may create a new kind of instability. Despite the closure of Portugal's golden visa program, interest in residency remains high, likely fueled by U.S. political anxieties.

David remains hopeful, stating that Portugal has historically been a welcoming place. Nonetheless, he acknowledges that the political climate in Europe is also shifting, leaving many to wonder if the grass is indeed greener on the other side.