2024: The most notable election year to date

The year 2024 is poised to host national elections in upwards of 60 countries around the globe, according to findings by Statista¹. It is anticipated that around 2 billion voters, which represent about one-quarter of the planet’s population, will be casting their votes this year.  Considering the significant elections scheduled in major nations such as the United States, United Kingdom, Russia, Mexico, India, Indonesia, and the European Union Parliament, 2024 stands out as a “super election year.” This label underscores its potential to be the most impactful election year observed².

The 2024 elections are taking place in a context of global polarization³, and have the potential to significantly impact social, political, and civil rights landscapes across various countries. The outcomes of these elections could lead to shifts in policies and governance that directly affect the fabric of societies worldwide and impact global mobility industry.
Polarization frequently signals a state of instability, prompting individuals and capital to seek new places. In times of uncertainty, people increasingly consider relocation and acquiring second citizenships as a strategic safeguard for their own future and that of their family members.

The results of elections can precipitate shifts in cultural and social frameworks, influencing matters such as gender parity, LGBTQ+ rights, and interactions among various racial and ethnic groups. Additionally, in the economic arena, outcomes may incite incoming governments to re-evaluate their stance on fiscal policies, state spending, and the bolstering of investment attractions, consequently altering the nation’s allure to global investors.

Administrations with a progressive orientation may augment safeguards and entitlements for disenfranchised groups, whereas conservative leaders could emphasize the prioritization of economic expansion and the cultivation of a conducive business environment by cutting taxes and offering advantages for investors. In addition, the election results could influence the state of fundamental freedoms, including the rights to free speech and press. Some administrations may take a more authoritarian approach, seeking to suppress dissent and control media narratives, while others may protect these freedoms. The composition of the judiciary, including appointments to supreme or constitutional courts, can also be influenced by election outcomes. This, in turn, affects the interpretation and enforcement of laws, including those related to civil liberties and human rights, social rights, economics, among others.

The investment migration sector might experience significant impacts if governments with nationalist tendencies, irrespective of their political alignment, decide to curtail the provision of RCBI schemes. This measure is intended to uphold a sense of national identity anchored in ancestral or cultural connections with the country⁴. As a result, such policies could lead to a diminution of international mobility and impede investment-based access to the country’s territory. On the other hand, some opportunities may be created should governments decide to foster a more fertile environment for foreign investment by adopting legislation that incentivizes and attracts investor to such territories. 

In this paper, we delve into the impact of the pivotal 2024 election year on the investment migration market, offering a comprehensive analysis aimed at providing valuable insights for operators and investors within this sector. By examining the interplay between electoral outcomes and investment migration trends, we aim to shed light on the potential shifts and opportunities that may arise in response to the changing political landscape.

In recent years, following the crisis in Venezuela and the elections in Mexico in 2018, Chile in 2021, Colombia in 2022, and Brazil in 2022 which saw the victory of progressive candidates from the political left spectrum, many affluent families in Latin America have immigrated to Portugal and Spain due to linguistic and cultural proximity⁵. Madrid (and some other cities in Spain such as Valencia, Barcelona and Malaga) has welcomed a significant contingent of Mexicans and Venezuelans who have utilized the residency-by-investment (RBI) scheme to acquire real estate in the city’s most expensive areas⁶. Individuals from Ibero-American countries, Andorra, Portugal, the Philippines, Equatorial Guinea, and Sephardi Jews are afforded an opportunity under Spanish legislation, which stipulates that nationals from these regions are eligible to apply for Spanish citizenship following a period of two years of permanent residency⁷. The reduced residency requirement for citizenship is a major incentive. While most countries require a longer period, often between 5 to 10 years of residency before eligibility for citizenship, Spain’s offer of a two-year pathway is a compelling reason for investors from these nations to move to Spain.

Mexico will hold elections in June 2024 and although its constitution does not allow incumbent president López Obrador to run again, he is high in the polls, with approval ratings circling 60%, and is throwing strong support to her chosen successor. We should continue to see a wave of emigration of wealthy Mexican families to countries such as the United States and Spain, as was observed with the election of Obrador in 2018, since policies of more severe taxation are expected to deepen under the government of his successor.

Post the 2024 election, Mexico faces economic uncertainty with potential shifts in tax policy, increased public spending, and a significant budget deficit. The current fiscal discipline might wane, impacting the investment climate due to political and policy uncertainties. Challenges in the business environment, influenced by election outcomes, could deter investment, and affect Mexico’s economic stability, highlighting concerns about the country’s future governance and international economic relations⁸. These factors might influence Mexican HNWIs to seek for a second citizenship as an “insurance policy” for the management of their wealth elsewhere. 

In the same vein, there was a surge in interest among Brazilians in migration services and obtaining second residencies or citizenships following the presidential election results in 2022, when Luiz Inácio Lula da Silva was elected for the third time. Migration agencies and consultancies reported an increase up to 15 times for information about relocation after Lula’s victory⁹. This increase in interest is not just a reaction to the election but reflects a broader trend of individuals seeking better opportunities or stability in response to political changes. Unlike the 2018 elections, when right-wing candidate Jair Bolsonaro won the elections and the demographic interested in emigration included mainly LGBT individuals, women, and professionals like scholars¹⁰, the current trend shows a shift towards business owners, landowners, and individuals connected to agribusiness seeking European visas and citizenship, particularly in Portugal, Italy (where many Brazilians are entitled to citizenship by ascendence)¹¹, and the United States.

It is likely that a growing number of Brazilians will continue to relocate in Portugal as the 2024 Portuguese elections demonstrated that the country’s population rejected the left-wing alliance, that had been governing since 2015. With the vote counting concluded in Portugal, the victory of the Aliança Democrática (AD), which holds 80 seats in the parliament, was confirmed, followed by the Socialist Party, which secured 78 seats¹². Based on these numbers Portugal is leaning towards a center-right government which is traditionally more prone to encourage foreign investment. However, the big winner of the elections was the far-right party “Chega”, which advocates a conservative and nationalist platform, especially on issues related to immigration¹³. Chega significantly increased its parliamentary representation in Portugal, more than doubling its seats and establishing itself as a third political force in the nation¹⁴. The party´s proposals on migration and Portuguese nationality emphasize a restrictive and controlled approach to immigration, valuing sociocultural cohesion and national sovereignty. Chega values national control over migration policies, which may imply stricter scrutiny of programs like the Golden Visa, which facilitate the entry and residence of foreign investors. On the other hand, the party advocates for immigration policies that favor candidates with their own potential for social, cultural, professional, and economic integration¹⁵, which may lead to an encouragement of affluent individuals’ immigration at the expense of migrants who might become dependent on the country’s social assistance system. In this sense, investors who demonstrate that they can assist in job creation and investment in the country may be favored.

If Chega and AD manage to reach an agreement in Portugal, which currently appears improbable, the country would represent moving away from the leftist policies that have characterized the last decade. Such a coalition would likely redirect Portugal’s political and economic strategies, potentially altering its approach to social welfare, economic regulation, and international relations. This shift could have wide-ranging implications, not only within Portugal but also in its interactions with the European Union and on the global stage, as the country adjusts its policies and priorities in line with a more right-leaning or centrist political agenda.

The new government might revise immigration and residency laws, affecting again the terms and attractiveness of Portugal’s Golden Visa program, which has been a popular route for investment migration. Changes could include adjustments in investment thresholds, qualifying investment types, or residency requirements. Such an alliance would prioritize economic growth and business-friendly policies, potentially creating new incentives for foreign investors. This could make Portugal more appealing to investors seeking not only residency but also favorable business conditions. Changes in tax policy also might occur, impacting the non-habitual resident (NHR) tax regime, which has been a significant draw for investors and retirees. Any modifications to tax benefits could influence the decision-making of potential investors.

Influenced by recent ideological movements in the Members States, the upcoming 2024 European Parliament elections, is expected to significantly tilt the political balance towards the right, with a surge in support for more far right parties across the EU¹⁶. Conversely, center-left, and green factions are predicted to see a decline in their voter base¹⁷. Notably, Eurosceptics are projected to dominate in nine member states (including Austria, Belgium, the Czech Republic, France, Hungary, Italy, the Netherlands, Poland, and Slovakia) and achieve second or third rankings in an additional nine countries (such as Bulgaria, Estonia, Finland, Germany, Latvia, Portugal, Romania, Spain, and Sweden)¹⁸. It is forecasted that almost half of the MEPs could be representatives outside the conventional centrist “super grand coalition,” potentially leading to the formation of a majority right-wing nationalist coalition for the first time¹⁹. Such a political shift could profoundly affect EU policies, particularly concerning sovereignty in migration and citizenship and environmental initiatives²⁰.

The anticipated shift to the right in the upcoming Parliament elections could have nuanced implications for investment migration within the EU. While the surge in far-right parties generally signals a more nationalistic approach to migration, focusing on protecting national identity and being skeptical of EU intervention, this political landscape offers both challenges and opportunities for investment migration.

Challenges may arise from these parties’ typically stringent stance on immigration and nationality, advocating for tighter border controls and more restrictive immigration policies. Their euroscepticism often translates into resistance against EU regulations or interventions, favoring national sovereignty over collective European decisions on these matters. For investment migration, this could mean a more fragmented environment, as individual member states might adopt varying policies.

However, opportunities could also emerge in this context. If right-wing parties push for more national control over immigration policies, it could lead to competitive RCBI programs among member states seeking to attract investors. Countries might tailor their investment migration schemes to be more attractive, offering favorable terms to counterbalance the restrictive stances of their neighbors or to capitalize on their autonomy from broader EU directives.

For investors and stakeholders in the investment migration sector, this evolving political scene necessitates a careful and dynamic strategy. Understanding the specific policies and sentiments of individual EU member states becomes crucial, as the landscape may shift towards a more varied and potentially competitive approach to investment migration across the continent.

The United Kingdom is likely to hold elections in the fall of 2024. Since the beginning of 2022, Keir Starmer’s Labour Party has consistently led in the polls, following 13 years of Conservative governance²¹. Surprisingly, the electoral context in the UK might contradict the idea that HNWIs are always aligned with right-wing ideologies. The political diversity and electoral preferences of these individuals are more complex and cannot be simplified into a single political trend. HNWIs may support a variety of parties and policies, reflecting a range of priorities and values that extend beyond simple left-right categorizations. This reality suggests that the motivations and political inclinations of HNWIs are influenced by a multitude of factors, including economic, social, environmental, and governance issues, demonstrating that their political preferences are multifaceted and not uniformly aligned with a single political spectrum. On this account, a recent survey conducted by wealth management firm Saltus²² presents a compelling narrative that challenges the conventional belief that HNWIs predominantly support conservative governments and are inclined to relocate when left-wing candidates are victorious in elections²³.

Labour Party has often proposed reforms to the Non-Domicile (Non-Dom) rules. These reforms include tightening the qualifications for Non-Dom status, increasing the taxes Non-Doms must pay, or altering the way foreign income and gains are taxed for those residing in the UK²⁴. However, the findings reveal that British HNWIs, those with assets exceeding £250,000, show a surprising preference for the Labour Party over the Conservatives in the upcoming general election. With nearly 27% favoring Labour compared to 16% for the Conservatives, this data contradicts the stereotype of wealthy individuals’ political leanings. Furthermore, the expectation among these individuals that Labour will secure the most seats in parliament further underscores the complexity of their political affiliations and decisions. This insight into the political inclinations of British HNWs suggests a nuanced understanding of their priorities and challenges the notion that their support is monolithically aligned with conservative parties or that their migration patterns are solely influenced by the political spectrum’s leftward shifts.

The Labour Party’s proposal to reform the non-dom tax status in the UK, if it becomes legislation, could have significant implications for HNWIs, potentially affecting their decisions on relocation and investment migration. By tightening the qualifications for non-dom status and increasing taxes, the UK will become less attractive for HNWIs seeking tax-efficient jurisdictions. This could lead to a reconsideration of their residency status, with some possibly looking to relocate to countries offering more favorable tax regimes. The top destinations for HNWIs include stable countries with strong institutions and functional markets, such as Australia, the UAE, Singapore, the USA, Switzerland, Canada, Greece, France, Portugal, and New Zealand.  The changes might also influence HNWIs’ global investment strategies, particularly if the UK loses its appeal as a tax-advantageous destination.

In any case, the broader economic implications of such a policy shift could be substantial, affecting the UK’s real estate market, sectors servicing HNWIs, and overall investment inflows. In response, other countries might adjust their tax policies to attract HNWIs displaced from the UK, creating a competitive landscape among jurisdictions vying for these individuals’ residency and investments.

As India, the largest democracy in the world, approaches its 2024 general elections, the Bharatiya Janata Party (BJP), led by Prime Minister Narendra Modi, is positioned strongly against a fragmented opposition and is expected to win another time²⁵. Welfare schemes and direct cash transfers have played a crucial role in garnering support for the BJP, suggesting that welfare politics will be a critical battleground in the upcoming elections. Additionally, Modi’s ability to elevate India’s global stature and leverage foreign policy successes domestically also play a relevant role in the election’s outcome. The expansion of India’s economy and the rising of wealth serve to bolster Modi’s electoral support.

The economic ascent of HNWIs in India under Modi’s period is increasingly propelling them towards seeking second citizenships, primarily driven by the desire to provide superior educational opportunities and a higher quality of life for their families. The allure of accessing top-tier international educational institutions, coupled with the benefits of enhanced healthcare, safety, and environmental conditions, makes second citizenship an attractive proposition for these individuals. This pursuit is not merely about personal and familial betterment but also about securing a prosperous and stable future for their offspring in a globalized world.

Moreover, the quest for second citizenship among Indian HNWIs is significantly motivated by the prospects of enhanced global mobility and the expansion of business opportunities. The ability to travel visa-free to numerous countries facilitates not only ease of international travel for business or leisure but also opens up new avenues for business expansion and investments in foreign markets. Additionally, the political and economic stability offered by a second citizenship acts as a safety net against uncertainties in their home country. While tax optimization might also play a role, the overarching goal is to leverage the multifaceted benefits of second citizenship to amplify their global footprint and ensure long-term security and prosperity for their families and businesses.

Concurrently, as India’s passport figures almost at the bottom of the list at 127^th in the Global Passport Index²⁶ Indian families are pursuing global mobility as a strategy to broaden their business horizons, engage in wealth management, and secure enhanced opportunities for their descendants. In 2022 around, 7.500 HNWIs fled India seeking for a second residence or citizenship elsewhere, in 2023 this number dropped to 6.500 individuals²⁷, but this trend is likely to continue as nationals from India are seeking for a better balance between quality of life and reasonable cost of living in countries such as the UEA, Singapore and Portugal in the EU. In any case,
the 2024 Wealth Report from Knight Frank indicates that Asia, particularly India, is expected to see significant economic growth, with India’s high-net-worth individual (HNWI) population projected to increase by 50%²⁸.

The UAE is favored for its no income tax policy, corporate tax of only 15,6%, world-class infrastructure, and strong international business connections²⁹. Singapore attracts with its political stability, efficient legal system, and high standards of living, making it a safe and prosperous place for investment and residency. The country ranks in the 2^nd position in the 50 Richest Countries Index³⁰ and is also considered a tax haven when it comes to corporate tax (21%)³¹. Portugal offers the Golden Visa program, which provides a pathway to European residency and potential citizenship, coupled with its rich cultural heritage and appealing Mediterranean lifestyle³². Although the option to qualify for the Golden Visa through real estate investment was eliminated, there is still a possibility of acquiring Portuguese citizenship by investing in specific sectors and funds³³. These nations offer a mix of economic, legal, and lifestyle advantages that align with the aspirations and needs of Indian HNWIs.

In Indonesia, the 3rd largest democracy in the world, the 14 February elections brought nationalist right wing former Defense Minister Prabowo Subianto to power. According to scholars and intel analysts, civil protests will continue in response to the election outcome, which opposition leaders are expected to continue disputing³⁴. Additionally, there is a probable decline in the enforcement of human rights legislation, given Subianto’s demonstrated lack of commitment to upholding the rule of law and civil society norms. This context can lead to emigration of members of minority groups such as LGBTQ+ seeking for a more stable environment elsewhere.

The elections results raised concerns about political stability, human rights, and the rule of law, potentially influencing High Net Worth Individuals (HNWIs) in Indonesia to consider relocation. The anticipated continuation of civil protests and a probable decline in human rights enforcement under Subianto’s administration could create an uncertain environment, prompting HNWIs to seek more stable and secure countries that align with their values and where their assets, personal safety, and freedoms are better protected. For HNWIs who are part of or support minority groups, such as the LGBTQ+ community, the expected political and social climate might raise concerns about personal safety and freedoms. The fear of persecution or diminished rights could be a significant factor in their decision to relocate.

On the other hand, the business environment in Indonesia might be fostered by the new administration, which can attract foreign investors. Indonesia has introduced residency by investment schemes, including the Indonesia Golden Visa and the Second Home Residency visa. The Golden Visa program, launched in September 2023, offers foreign investors a five-year or ten-year residency visa in exchange for investments in government bonds, bank deposits, or public company shares³⁵.

In the US context, historical data suggests that presidential elections generally have minimal impact on market fundamentals, which are more influenced by factors like corporate earnings and economic conditions, rather than election outcomes³⁶​​. However, the upcoming election introduces variables, such as policy stances on the economy, taxation, and foreign relations, which could influence individuals’ decisions on relocation​​.

The differing policy approaches of potential presidential candidates, particularly in areas like climate change, energy, and international cooperation, could create varying economic environments that might either encourage or deter relocation​​. For instance, the approach to climate policy could significantly influence economic sectors and investment landscapes, potentially affecting decisions by wealthy individuals regarding where to reside based on economic opportunities and regulatory environments³⁷.

While it is challenging to predict the exact outcomes, the election results could influence the broader economic and policy landscape in the US, potentially impacting the decisions of individuals regarding international relocation.

In the aftermath of the 2016 elections, which culminated in Donald Trump’s victory, there was a marked escalation in public discourse and media narratives concerning a surge in the desire among Americans to emigrate³⁸. This period witnessed an uptick in inquiries from US citizens exploring options to relocate or acquire citizenship in foreign nations.³⁹ A particularly illustrative example of this trend was the substantial increase in visits to Canada’s immigration website during the night of the election in 2016⁴⁰, leading to temporary disruptions in the website’s service due to the overwhelming traffic.

US citizen desire to relocate after elections (from Bush to Trump)

The survey below, conducted by Gallup⁴¹ indicates that the predominant reason individuals express an inclination to emigrate from the United States stems from ideological dissatisfaction pertaining to the elected government’s policies on moral and ethical matters.

The data indicates a notable increase in the desire to relocate during the early years of Donald Trump’s presidency compared to the previous presidencies of George W. Bush (45.45%), also Republican, and Barack Obama (60%). While the reasons behind this increase are not detailed in the data, one can speculate that factors such as political climate, policy changes, and societal divisions during Trump’s presidency might have contributed to a higher level of uncertainty or dissatisfaction among certain segments of the population, thereby influencing their desire to migrate.

There has been a significant increase in the desire to relocate among women, especially those younger than 30 (Millennials and Generation Z). Under Trump, 40% of women in this age group expressed a desire to leave, which is a notable rise from the averages during Bush’s and Obama’s terms (11% and 10% respectively).

The data provided by Gallup research suggests that political dissatisfaction can be a significant factor contributing to the desire to relocate to a foreign country. This assumption is also captured by recent research⁴².

This conclusion is supported by several key points:

• The increase in the desire to relocate among groups that disapprove of President Trump’s job performance indicates a direct relationship between political satisfaction and migration desires. The contrast in the desire to relocate between those who approve (7%) and those who disapprove (22%) of Trump suggests that political disapproval is a strong factor.
• The “Trump effect” signifies a pronounced political polarization impact on Americans’ relocation intentions, contrasting with past presidencies where the presidential influence was less pronounced. While there’s no data yet on Biden’s influence on relocation desires, analyzing party impacts suggests Biden’s effect might mirror the lower impact on desire to relocate observed during Obama’s election.
• There is a historical context of threats to migrate due to political dissatisfaction, as seen with some Democrats expressing a desire to move to Canada after Trump’s election, similar but in lower levels, to Republicans after Obama’s election.
• Particular demographic groups, such as young women (Millennials and Generation Z) and low and middle-income Americans, who are typically more vulnerable to policy changes, have shown a marked increase in the desire to migrate. This group could include also LGBTQ+ members as well. This could be related to policies that affect them more directly, thus leading to political dissatisfaction.
•  Political climates often influence people’s perceptions of their future in a country. If individuals feel that the political situation is unstable or counter to their values, they may seek countries with governance more aligned with their own views.

It is important to note however that while the desire to migrate can be influenced by political dissatisfaction, actual migration is affected by a wider range of factors, including economic conditions, personal circumstances, and immigration policies of potential destination countries. Additionally, people’s desire to migrate is often higher than their actual intention or action taken towards migration. It is important to note it is notably easier for wealthy people to relocate should they want to as relocation often involved high monetary investment.

The voting behavior of US HWNI  

While the Gallup research on the desire to relocate was not focused on HNWI, a survey realized by the company Altiant Powering Luxury & Wealth Insights analyzed the voting behavior of 320 HNWI in the 2020 election. Altiant conducted the survey to understand their sentiments during the final stages of the US Presidential election. The survey, which included 5 questions, targeted members primarily located in urban areas and states with high HNWI populations like New York and California⁴³.

The Altiant’s study reveals several nuanced aspects of voter behavior and financial decision-making in response to political events. The study’s findings suggest a complex interrelation between political preferences, anticipated election outcomes, and investment strategies among affluent individuals, offering insights into their priorities and concerns when deciding casting their votes.

The data indicate a significant preference for Joe Biden (50,6%) over Donald Trump (37,7%), especially among early voters and women (55,5% versus 31,9%). This trend might reflect broader national sentiments or specific concerns affluent individuals related to the promotion of civil liberties, the protection of marginalized groups and sustainability issues than specific policies affecting their financial interests.

From the study, it’s plausible to infer that affluent individuals often prioritize stability and continuity in their voting preferences, recognizing that such political environments are less likely to disrupt the markets and, by extension, their investments. This preference underscores a pragmatic approach to politics, where economic stability is a significant determinant in their electoral decisions. Additionally, the inclination of affluent individuals to consider relocation or acquiring a second citizenship as part of their wealth planning strategy suggests a level of financial foresight. They may utilize these options as a hedge against potential political or economic instability in their home country, ensuring that their wealth is preserved regardless of local political outcomes. This dual strategy—voting for stability at home while securing financial safe havens abroad—indicates a strategic approach to wealth preservation, combining ideological voting preferences with pragmatic financial planning.

How economic factors influence US citizens relocation?

When examining the conduct of HNWI, often beneficiaries of investment migration programs, their actions are significantly shaped by considerations of tax optimization and market movements⁴⁴. Regarding tax policies, the United States, alongside Eritrea, stands out globally for implementing worldwide income taxation. It implies that US citizens and green card holders retain their US tax residency even after emigrating, unlike emigrants from other countries. They must renounce their US citizenship or relinquish their green card to lose this tax status. Consequently, American emigrants are subject to the tax systems of both the US and their new country of residence, a dual tax obligation that persists as long as they maintain their US citizenship or green card status. This unique approach results in numerous American expatriates navigating the complexities of dual tax systems concurrently⁴⁵.

As a result, a persistent appeal from US expatriates is for the nation to implement a taxation system predicated on residency, akin to the model prevalent in most global nations. Organizations representing American expatriates have championed this cause for an extended period⁴⁶. The overseas delegations of both the Democratic and Republican parties have put forth legislative proposals aimed at mitigating the tax obligations imposed on American expatriates⁴⁷. In addition, there is a pending case in the US Supreme Court that can have direct impact on repatriation of foreign earned income and taxation. The Moore v. United States case⁴⁸ centers on the taxation of unrealized foreign earnings and could significantly impact US expatriates’ investment strategies. The case questions the constitutionality of the deemed repatriation tax imposed by the 2017 Tax Cuts and Jobs Act on foreign earnings, challenging whether these earnings can be taxed without being actualized. The outcome could redefine tax liabilities for US expats and influence their global investment decisions and financial planning.

If the Supreme Court rules against the deemed repatriation tax, it could lead to changes in how US expatriates manage their foreign investments, potentially making the contry a more attractive domicile for their global income. Such a ruling might encourage US expats to repatriate their earnings without facing a significant tax burden, affecting investment migration patterns and decisions on maintaining US citizenship, particularly for HNW individuals.

The implications of the Moore v. United States case extend beyond individual tax bills to potentially influence broader investment migration trends, impacting where and how US expatriates choose to invest and reside. The decision could alter the global mobility of wealthy individuals and entrepreneurs, with a favorable ruling possibly attracting more investment into the US and affecting the country’s economic landscape.

Regarding educational matters, there has been a movement for years among American families and students seeking higher education abroad, particularly in European countries such as the UK, Ireland, Spain, and Portugal⁴⁹. Even when considering the costs of relocation and education overseas, the high price of higher education in the US makes this option seem not so far-fetched⁵⁰. Some countries are known for their lower tuition fees compared to US institutions. For instance, countries like Germany, France, and some Nordic nations either have very low tuition fees or do not charge any tuition at all for international students⁵¹. Even with some administrative fees, the cost can be significantly lower than US colleges and universities. In addition, many countries and international universities offer scholarships specifically for international students, which can substantially reduce the cost of education abroad.

The cost of living can vary dramatically between countries and cities. In some places, housing, food, and transportation can be much cheaper than in the US, particularly in cities that are not major global financial centers. For example, Berlin and Madrid are notably more budget-friendly, with their lower housing costs and everyday expenses standing out as major factors contributing to their affordability. While dining, transportation, and entertainment are also generally cheaper in these cities, the difference in housing costs is particularly significant when compared to New York. Dublin, while cheaper than New York, has a narrower margin of difference, especially in housing. This makes Dublin relatively affordable but not as significantly so as Berlin or Madrid. Lisbon offers a stark contrast to New York with its considerably lower cost of living. Housing, in particular, is much more affordable, and when coupled with lower costs for groceries, transportation, and entertainment, Lisbon emerges as a significantly more economical option compared to New York⁵². This can significantly lower the overall cost of studying abroad. Currency exchange rates can also play a role. For American students, choosing a country with a favorable exchange rate can make education and living expenses more affordable⁵³.

In terms of the political environment, there is a growing disillusionment among young Americans (Millennials and Generation Z) with their country’s politics, and they turn out in low numbers to vote⁵⁴. Moreover, these voters are the ones who most closely align with the Democratic political spectrum and have indicated they are more inclined to leave the country if a Republican candidate is elected. Consequently, this could also be a factor motivating the relocation of Americans after the elections.

Healthcare is also significant factor in the relocation decisions of US citizens, particularly due to the high costs and variability in quality of care within the United States. Many Americans look to countries with universal healthcare systems for the potential of more affordable and accessible medical services. The desire for a better quality of life, lower healthcare costs, and access to comprehensive medical coverage are key motivators driving Americans to consider living in countries with more favorable healthcare systems. This trend is especially notable among retirees and individuals seeking long-term healthcare solutions.

Under Biden’s administration, efforts to enhance healthcare focused on strengthening the Affordable Care Act (ACA), often known as Obamacare, and expanding Medicare coverage⁵⁵. Biden aimed to increase ACA’s accessibility, offering more substantial subsidies to lower premiums and extend coverage to more Americans. Although a broader Medicare overhaul, like lowering the eligibility age, hasn’t been realized, Biden has supported measures to reduce prescription drug costs and expand Medicare benefits, reflecting a commitment to improving healthcare affordability and access for Americans⁵⁶.

In any case, even after the implementation of the ACA, many US expatriates find healthcare in countries like Portugal, Spain, Italy, and Ireland more affordable due to their public healthcare systems, which often provide comprehensive coverage at a lower cost compared to the US. This affordability, coupled with the high quality of care, makes these countries attractive destinations for Americans seeking better healthcare solutions abroad. In addition to public healthcare, health insurance policies can make private healthcare more accessible and affordable for expatriates. These policies often offer comprehensive coverage at reasonable rates, providing an option for those seeking faster access or a higher standard of care than what might be available through the public system, while still being more cost-effective compared to similar insurance in the US.

In sum, While HNWIs prioritize stability and are influenced by economic factors like tax optimization and market movements, their voting and relocation decisions reflect a combination of ideological preferences and financial planning strategies. Surveys reveal that HNWIs preferred Joe Biden over Donald Trump in the 2020 election, indicating a desire for political environments that ensure economic stability and continuity, recognizing that such political environments are less likely to disrupt the markets and, by extension, their investments. Moreover, HNWIs often consider relocation or acquiring a second citizenship as part of their wealth planning strategy, indicating a strategic approach to wealth preservation that combines ideological voting preferences with pragmatic financial planning.

Middle-class citizens, retirees, and students exhibit varying motivations for their desire to relocate, primarily driven by political dissatisfaction, healthcare concerns, and education costs. There seems to be an increased inclination to migrate among young women and low and middle-income Americans during Trump’s presidency, attributed to policy impacts and political discontent. Retirees are drawn to countries with more affordable and quality healthcare, while students are attracted to nations offering lower tuition and living expenses, with the political climate also playing a significant role in their decisions.

Economic considerations play a crucial part in the relocation desires of HNWIs, with the US’s unique worldwide income taxation system prompting them to explore options abroad for tax relief and financial stability. The Moore v. United States case could potentially influence American expatriates’ tax liabilities and investment decisions. The article concludes that the desire to relocate in the US is multifaceted, with each demographic group responding to political and economic changes according to their specific priorities and circumstances.

In these unpredictable times, with the increasing accessibility of global mobility options, each year the number of US citizens seeking a second citizenship increases. Countries in the Caribbean, such as Grenada and Antigua and Barbuda, for instance, are popular choices for Americans seeking citizenship through investment due to their relatively quick and straightforward processes. European nations such as Spain, Portugal, Italy, and Greece not only attract investors but also have pathways to citizenship that might necessitate residency beforehand. Notably, countries like Italy, Spain, Ireland, Poland, and the Netherlands offer citizenship through descent, potentially shortening the residency requirements. 

This is particularly relevant considering the significant European heritage within the US demographic, stemming from the country’s history as a melting pot of immigrants, including those from Europe. Investment migration offers a strategic avenue to gain access to European countries and their jurisdictions, often speeding up acquiring citizenship through descent. This approach not only facilitates entry into these nations but also streamlines the timeframes typically required for obtaining citizenship, making it an appealing option for those eligible for citizenship by descent in the US.

Enhanced Demand for RCBI Schemes

• The demand for RCBI schemes is expected to surge among nationals from the US (due to elections results and other economic factors), UK, South Africa, Israel (due to conflicts), India, Taiwan, and some Latin American countries, as they seek strategic safeguards and opportunities in instable and fluctuating national landscapes.

Potential Regulatory Changes in the EU

• The European Union may impose stricter conditions on RCBI schemes (Malta case on the ECJ), impacting the range and attractiveness of options available in member states. This could necessitate a strategic pivot for investors and industry professionals to navigate the evolving regulatory environment.
• Post-election shifts toward more pro-business and nationalistic stances in the EU Parliament could ignite competition among member states to offer enticing RCBI programs, potentially leading to innovative and competitive investment migration options.

IM top and emerging Destinations

• Mexico, Costa Rica, and Panama continue to be top choices for U.S. expatriates, each offering unique benefits: Mexico is favored for its proximity and cultural connections; Costa Rica appeals for its exceptional living standards and political steadiness; Panama is recognized for its economic growth and closeness to the U.S. Additionally, the United Arab Emirates stands out, offering expatriates tax benefits, a luxurious lifestyle, and a strategic position as a global hub, attracting a diverse, international community.
• New players like El Salvador⁵⁷ and Indonesia(Bali hub)⁵⁸ recently entered in the RCBI arena and are leveraging these schemes to bolster their economies and attract foreign direct investment (FDI), presenting fresh opportunities for investors, nomads and industry stakeholders.
• Uruguay and Paraguay also offer inexpensive and hassle-free IM schemes. In the case of Uruguay, the program is particularly popular due to its straightforward nature and the country’s stable political and economic environment. Paraguay could be an interesting plan B as the country offers one of the most straightforward and affordable residency programs in Latin America. Both countries give visa free access to MERCOSUR countries and its internal consumers’ market.

Implications of US elections results

• Political Dissatisfaction as a Driver: The data indicates a clear trend where political dissatisfaction, particularly during Trump’s presidency, has significantly influenced the desire among US citizens to relocate. This sentiment is notably strong among younger women (Millennials and Generation Z) and middle-income groups. For the investment migration industry, this suggests a potential market segment that could be more receptive to relocation and citizenship services in response to political events.
• HNWIs’ Preferences and Financial Planning: The voting behavior and relocation considerations of HNWIs highlight a strategic approach to wealth preservation and stability. Their preference for political environments that promise economic stability suggests that investment migration services tailored to these needs, offering stability and financial benefits, could be particularly appealing to this demographic. The Caribbean region and European nations will increasingly appeal to US expatriates who are looking to safeguard their wealth and improve their overall quality of life.
• Tax Considerations and Dual Obligations: The unique worldwide income taxation for US citizens and the complexities of dual tax systems create a significant impetus for relocation. The ongoing Moore v. United States case highlights the evolving legal landscape that could further influence HNWIs’ decisions regarding relocation and investment abroad. The investment migration industry should monitor such developments closely to advise clients effectively.
• Education and Healthcare as Relocation Factors: Beyond political factors, the considerations around education and healthcare costs also play a crucial role in relocation decisions, especially for families and retirees. Countries offering affordable, high-quality education and healthcare could be more attractive to these segments of US expatriates. Countries like the UK, Ireland, Spain, and Portugal, with their high quality and more affordable educational systems, will remain magnets for US students, while those with robust public healthcare systems and cost-effective supplementary private health insurance options will be particularly appealing to US retirees.
• Market Diversification: The diverse reasons for relocation, ranging from political dissatisfaction to financial and lifestyle considerations, indicate that the investment migration industry should adopt a diversified approach. Tailoring services to address various concerns, such as political stability, tax benefits, education, and healthcare, can cater to a broader range of clients. This approach involves identifying each client’s unique requirements and aligning them with the most suitable international relocation options, ensuring a personalized and relevant service.
• Strategic Citizenship Planning: The increasing interest in second citizenship by US citizens, especially in countries offering straightforward processes, suggests a growing market for citizenship through investment programs. Understanding the motivations and preferences of potential clients, including their heritage and ties to specific countries, can enhance the effectiveness of the services offered.

Broader Industry Implications

• After the elections the investment migration industry must stay agile, adapting to the dual forces of tightening regulations and burgeoning opportunities, ensuring clients are informed and positioned to capitalize on the evolving global investment migration dynamics.
• Understanding the nuanced motivations behind the increasing interest in RCBI schemes, from economic diversification to seeking political stability, will be crucial for tailoring services that align with the sophisticated needs of a global clientele.
• The investment migration sector must closely monitor global political and economic developments, especially in key regions and emerging markets, to provide strategic, informed advice to clients navigating this complex landscape.

1 Statista. (2024). Countries where a national election is/was held in 2024. Retrieved March 1st, 2024, from https://www.statista.com/chart/31604/countries-where-a-national-election-is-was-held-in-2024/.

2 CIDOB. (2024). The world in 2024: Ten issues that will shape the international agenda. CIDOB. Retrieved March 1st, 2024, fromhttps://www.cidob.org/en/publications/publication_series/notes_internacionals/299/the_world_in_2024_ten_issues_that_will_shape_the_international_agenda.

3 Carothers, T. (2024, January 10). Democracy and Geopolitics Are on the Ballot in 2024. Carnegie Endowment for International Peace. Retrieved March 1st, 2024, from https://carnegieendowment.org/2024/01/10/democracy-and-geopolitics-are-on-ballot-in-2024-pub-91357

4 Kochenov, D., Basheska, E. (2022). It’s All about Blood, Baby! The European Commission’s Ongoing Attack against Investment Migration in the Context of EU Law and International Law, Working Paper No. 161, November 2022.

5 Orihuela, R., & Munoz Montijano, M. Bloomberg. (2023, June 2). Madrid Luxury Property Prices Soar as Rich Latin Americans Flood Market. Retrieved March 3rd, 2024, from https://www.bloomberg.com/news/articles/2023-06-02/madrid-luxury-property-prices-soar-as-rich-latin-americans-flood-market

6 Minder, R. (2022, April 2). Spain’s Capital Rivals Miami as a Haven for Latin Americans. The New York Times. Retrieved March 3rd, 2024, from https://www.nytimes.com/2022/04/02/world/europe/spain-madrid-latin-america.html, and Orihuela, R., & Munoz Montijano, M. Bloomberg. (2023, June 2). Madrid Luxury Property Prices Soar as Rich Latin Americans Flood Market. Retrieved March 3rd, 2024, from https://www.bloomberg.com/news/articles/2023-06-02/madrid-luxury-property-prices-soar-as-rich-latin-americans-flood-market

7 Article 22(1) from Spanish Civil Code provides that: Two years will be sufficient (for applying for Spanish nationality) when it concerns nationals of origin from Ibero-American countries, Andorra, the Philippines, Equatorial Guinea, or Portugal, or Sephardic Jews. BOE-A-1889-4763. Retrieved March 3rd, 2024, from https://www.wipo.int/wipolex/en/text/469369

8 Baker Institute Center for the U.S. and Mexico. (2024, January 18). Mexico Country Outlook 2024. Retrieved March 3rd, 2024, from https://www.bakerinstitute.org/research/mexico-country-outlook-2024

9 Lesnau, A. Metrópoles. (2022, Novembro 7). Procura por emigração aumenta até 15 vezes após vitória de Lula. Retrieved March 3rd, 2024, from https://www.metropoles.com/brasil/procura-por-emigracao-aumenta-ate-15-vezes-apos-vitoria-de-lula

10 Phillips, T. (2019, July 11). Brazil political exiles: ‘I left Brazil to stay alive.’ The Guardian. Retrieved March 3rd, 2024, from https://www.theguardian.com/world/2019/jul/11/brazil-political-exiles-bolsonaro

11 The passing of citizenship through descent (blood) represents an inherent mode of nationality transmission. Unlike the process of naturalization, which implicates individual volition, citizenship by descent embodies a tacit process akin to a “birth lottery”. Consequently, one might expect a stronger foundation for genuine ties between descendants and the nation granting citizenship. However, in practice, the sole requisites typically include proof of consanguinity and a negative naturalization certificate of the ancestor in another country. Tintori, G. More than one million individuals got Italian citizenship abroad in twelve years (1998-2010), Global Citizenship Observatory, European University Institute. Retrieved March 3rd, 2024, from https://globalcit.eu/more-than-one-million-individuals-got-italian-citizenship-abroad-in-the-twelve-years-1998-2010/

12 Fieschi, M. (2024, March 21). Ventura ganhou um deputado na Suíça e outro no Brasil, país a país, como foram os resultados na emigração. Retrieved March 21, 2024, from Expresso. https://expresso.pt/politica/eleicoes/legislativas-2024/resultados/2024-03-21-Ventura-ganhou-um-deputado-na-Suica-e-outro-no-Brasil–pais-a-pais-como-foram-os-resultados-na-emigracao–737a3701

13 CHEGA. (2024). Programa Político. Retrieved from https://partidochega.pt/index.php/programa_politico/

14 Rei, J. BBC News Brasil (2024, March 11). Crescimento da direita radical e derrota dos socialistas: 10 pontos para entender eleições em Portugal. Retrieved March 13, 2024, from https://www.bbc.com/portuguese/articles/c1vlr44lekdo.

15 CHEGA. (2024). Programa Político. Retrieved from https://partidochega.pt/index.php/programa_politico/

16 Cunningham, K., Hix, S., Dennison, S., & Learmonth, I. (2024, January). A sharp right turn: A forecast for the 2024 European Parliament elections. European Council on Foreign Relations. Retrieved March 2nd, 2024, from https://ecfr.eu/publication/a-sharp-right-turn-a-forecast-for-the-2024-european-parliament-elections/

17 “This reflects the long-term decline in support for mainstream parties and the growing support for more extremist and smaller parties across Europe, which is resulting in an increasing fragmentation of European party systems, at both the national and European levels”. Cunningham, K., Hix, S., Dennison, S., & Learmonth, I. (2024, January), p. 3.

18 Cunningham, K., Hix, S., Dennison, S., & Learmonth, I. (2024, January), p. 13.

19 Cunningham, K., Hix, S., Dennison, S., & Learmonth, I. (2024, January), p. 8.

20 Cunningham, K., Hix, S., Dennison, S., & Learmonth, I. (2024, January), p. 18.

21 Leach, A., de Hoog, N., Cousins, R., Fischer, H., & Kirk, A. (2024, March 18). UK general election opinion polls tracker: Latest Labour Tories Starmer Sunak. The Guardian. Retrieved from https://www.theguardian.com/politics/ng-interactive/2024/mar/18/uk-general-election-opinion-polls-tracker-latest-labour-tories-starmer-sunak

22 Bridger-Linning, S. (2024, February 26). Why wealthy Brits are more likely to vote Labour over the Conservatives. Spear’s. Retrieved March 2nd, 2024, from https://spearswms.com/wealth/wealthy-british-vote-labour-over-conservatives/

23 Reuters. (2023, October 9). What policies have UK’s Labour Party announced at their conference? Retrieved March 2nd, 2024, from https://www.reuters.com/world/uk/what-policies-have-uks-labour-party-announced-their-conference-2023-10-09/

24 Adam, S. (2015, April 9). Unknown quantities: Labour’s ‘non-dom’ proposal. Institute for Fiscal Studies. Retrieved March 2nd, 2024, from https://ifs.org.uk/articles/unknown-quantities-labours-non-dom-proposal

25 Jain, R. (2024, February 8). Modi’s BJP to win India’s 2024 polls, seat share may fall: survey. Reuters. Retrieved March 2nd, 2024, from https://www.reuters.com/world/india/modis-bjp-win-indias-2024-polls-seat-share-may-fall-survey-2024-02-08/; Rajesh, YP. (2023, August 25). Inflation hurting Modi, but still likely to win India’s 2024 polls, survey shows. Reuters. Retrieved March 2nd, 2024, from https://www.reuters.com/world/india/inflation-hurting-modi-still-likely-win-indias-2024-polls-survey-2023-08-25/; Hindu times (2023). As PM Modi projects BJP win in 2024, Prashant Kishor has this to say. Hindustan Times. Retrieved March 2nd, 2024, from https://www.hindustantimes.com/india-news/as-pm-modi-projects-bjp-win-in-2024-prashant-kishor-has-this-to-say-101646975801516.html; Pradhan, B. (2023, December 5). How Modi’s BJP won key state polls – and why general election victory should follow. The National News. Retrieved March 2nd, 2024, from https://www.thenationalnews.com/world/asia/2023/12/05/how-modis-bjp-won-key-state-polls-and-why-general-election-victory-should-follow/

26 Global Citizen Solutions. (2023). Global Passport Index 2023 – A unique 3-in-1 ranking. Global Citizen Solutions. Retrieved March 4, 2024, from https://www.globalcitizensolutions.com/passport-index/

27 Chadha, S. (2023, June 14). Decoded: Why India’s millionaires are flocking to Dubai and Singapore. Business Standard. Retrieved March 11, 2024, from https://www.business-standard.com/finance/personal-finance/decoded-why-india-s-millionaires-are-flocking-to-dubai-and-singapore-123061400231_1.html

28 Knight Frank. (2024). The wealth report 2024. Retrieved March 15, 2024, https://content.knightfrank.com/resources/knightfrank.com/wealthreport/the-wealth-report-2024.pdf

29 WorldData.info. (n.d.). What is a tax haven? Retrieved March 11, 2024, from https://www.worlddata.info/tax-havens.php

30 WorldData.info. (n.d.). Richest Countries in the World. Retrieved March 11, 2024, from https://www.worlddata.info/richest-countries.php

31 WorldData.info. (n.d.). What is a tax haven? Retrieved March 11, 2024, from https://www.worlddata.info/tax-havens.php

32 Global Citizen Solutions. (n.d.). Golden Visa Portugal – A Complete Step-by-Step Guide 2024. Retrieved from https://www.globalcitizensolutions.com/golden-visa-portugal/

33 New qualifying investment options include creating a minimum of ten jobs, investing at least €500,000 in research or €250,000 in artistic or cultural heritage activities, or investing €500,000 in specific investment funds or Portuguese companies. Global Citizen Solutions. (n.d.). Portugal Golden Visa Ending: Unfolding the New Program. Retrieved March 11, 2024, from https://www.globalcitizensolutions.com/portugal-golden-visa-ending/

34 Utama, V. R. (2024, February). What Indonesia’s election result means for the ruling PDI-P. The Diplomat. Retrieved March 11, 2024, from https://thediplomat.com/2024/02/what-indonesias-election-result-means-for-the-ruling-pdi-p/

35 The investment threshold starts at $350,000 for a five-year visa and $700,000 for a ten-year visa. There’s also an option for establishing a company in Indonesia with a minimum investment of $2.5 million for a five-year visa or $5 million for a ten-year visa. Greco, B. (2023, September 5). Indonesia’s new Golden Visa misses the mark in what could be the world’s next great residency destination. Investment Migration Insider. Retrieved from https://www.imidaily.com/asia-pacific/indonesias-new-golden-visa-misses-the-mark-in-what-could-be-the-worlds-next-great-residency-destination/

36 Malwal, N. (2024, January 23). Focus on the fundamentals. Fidelity Learning Center. Retrieved March 7, 2024, from https://www.fidelity.com/learning-center/wealth-management-insights/election-2024-market-impact

37 AllSides. (2024, February 28). 2024 Voter Guide: Where the Presidential Candidates Stand on Energy & the Environment. Retrieved March 7, 2024, from https://www.allsides.com/blog/2024-voter-guide-where-presidential-candidates-stand-energy-environment and Ballotpedia. (n.d.). 2024 presidential candidates on climate change. Retrieved March 7, 2024, from https://ballotpedia.org/2024_presidential_candidates_on_climate_change

38 Following the 2016 election and Donald Trump’s victory, there was a noticeable increase in Americans considering moving to Canada. Immigration Canada data revealed a rise in applications for permanent residency from Americans, with over 9,000 applications in 2017 compared to around 7,700 in 2016. This trend was attributed to concerns over the political climate in the U.S., with some individuals, including members of the Muslim and LGBTQ+ communities, expressing discomfort about living in the US post-election. Gilmore, R. (2020, September 12). ‘I’m not comfortable living here’: More Americans did actually try to move to Canada since Trump’s 2016 election. CTV News. Retrieved March 8, 2024, from https://www.ctvnews.ca/world/america-votes/i-m-not-comfortable-living-here-more-americans-did-actually-try-to-move-to-canada-since-trump-s-2016-election-1.5064819.

39 McCarten, J. (2022, July 17). ‘Feels kind of hopeless’: Here’s why some Americans are looking to move to Canada. Global News. Retrieved from https://globalnews.ca/news/8996261/americans-move-canada/.

40 Moosapeta, A. (2022, December 2). Do Americans really move to Canada because of politics? CIC News. Retrieved March 8, 2024, from https://www.cicnews.com/2022/12/do-americans-really-move-to-canada-because-of-politics-1232135.html

41 Gallup survey (2019) on the desire to relocate in another country after elections: The results are based on telephone interviews with approximately 1,000 adults per year, aged 15 and older, conducted in the U.S. For results based on the total sample of national adults, the margin of sampling error is ±3.6 percentage points at the 95% confidence level. Available at: https://news.gallup.com/poll/245789/record-numbers-americans-leave.aspx

42 Spaan, J., Henkens, K., & Kalmijn, M. (2023). Understanding motives for international migration: A survey of Dutch retirement migrants in forty destinations. Population, Space and Place, 29, e2691. https://doi.org/10.1002/psp.2691

43 Altiant. (October 21, 2020). Affluent and HNW Americans’ views on the 2020 US Elections. Retrieved March 10, 2024, from https://altiant.com/potus.

44 Solimano, A. (2019). International Mobility of the Wealthy In an Age of Growing Inequality. Norteamérica, 14(1). Retrieved March 18 from https://www.scielo.org.mx/pdf/namerica/v14n1/2448-7228-namerica-14-01-163.pdf.

45 Speer, D. L. (2021, May 25). Article 8: Citizenship-Based Taxation – AARO 2020 Advocacy Survey Results. Association of Americans Resident Overseas, p. 1. Retrieved March 10, 2024, from https://aaro.org/images/pdf/survey/ARTICLE_08_CBT_2021_MAY_25_DLS.pdf

46 Association of Americans Resident Overseas. (2023). AGM 2023 Annual Report. Retrieved March 18, 2024, from https://aaro.org/images/AGM/AGM-2023-Annual-Report.pdf

47 Democrats Abroad. (2022, November 30). Democrats Abroad 2022 Update on Tax and Financial Access Issues of Americans Abroad. Retrieved March 18, 2024, from https://assets.nationbuilder.com/democratsabroad/pages/31033/attachments/original/1669430637/Democrats_Abroad_2022_Update_on_Tax_and_Financial_Access_Issues_of_Americans_Abroad.pdf?1669430637 and Republicans Overseas. (2017, January 6). Territorial Tax Reform Proposal. Retrieved March 18, 2024, from http://republicansoverseas.com/wp-content/uploads/Territorial-Tax-Reform-Proposal-Jan-6-2017.pdf

48 Supreme Court of the United States. (2023). Moore v. USA. Retrieved March 18, 2024, from https://www.supremecourt.gov/DocketPDF/22/22-800/267027/20230516164014148_22-800%20Moore%20v.%20USA.pdf

49 Hess, A. J. (2019, November 23). As US college costs soar, some students find bargains overseas. CNBC. Retrieved March 10, 2024 from https://www.cnbc.com/2019/11/23/as-us-college-costs-soar-some-students-find-bargains-overseas.html

50 LaBerge, L. (2019, May 13). Costs have jumped 55 percent in a decade at public colleges. CNBC. Retrieved March 10, 2024 from https://www.cnbc.com/2019/05/13/costs-have-jumped-55-percent-in-a-decade-at-public-colleges.html

51 University of the People. (2022, December 12). Cheap universities in Europe for international students. Retrieved March 10, 2024 from https://www.uopeople.edu/blog/cheap-universities-in-europe-for-international-students/

52 Numbeo. (n.d.). Cost of living comparison between Berlin, Germany and New York, NY, United States. Retrieved from https://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=Germany&country2=United+States&city1=Berlin&city2=New+York%2C+NY&tracking=getDispatchComparison; Numbeo. (n.d.). Cost of living comparison between Dublin, Ireland and New York, NY, United States. Retrieved March 10, 2024 from https://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=Ireland&country2=United+States&city1=Dublin&city2=New+York%2C+NY&tracking=getDispatchComparison; Numbeo. (n.d.). Cost of living comparison between London, United Kingdom and New York, NY, United States. Retrieved March 10, 2024 from https://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=United+Kingdom&country2=United+States&city1=London&city2=New+York%2C+NY&tracking=getDispatchComparison; Numbeo. (n.d.). Cost of living comparison between Madrid, Spain and New York, NY, United States. Retrieved March 10, 2024 from https://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=Spain&country2=United+States&city1=Madrid&city2=New+York%2C+NY&tracking=getDispatchComparison; Numbeo. (n.d.). Cost of living comparison between Lisbon, Portugal and New York, NY, United States. Retrieved March 10, 2024 from https://www.numbeo.com/cost-of-living/compare_cities.jsp?country1=Portugal&country2=United+States&city1=Lisbon&city2=New+York%2C+NY&tracking=getDispatchComparison

53 The value of the USD in terms of EUR has varied but generally increased over the last three years, reaching a peak in September 2022, and then declining slightly from November 2022. Investing.com. (2024). USD/EUR Chart. Retrieved March 18, 2024, from https://www.investing.com/currencies/usd-eur-chart

54 CIRCLE. (n.d.). Broadening Youth Voting. Tufts University. Retrieved March 10, 2024 from https://circle.tufts.edu/our-research/broadening-youth-voting#youth-turnout-high-in-recent-elections

55 U.S. Department of Health & Human Services. (2022, October 28). Biden-Harris Administration strengthens Medicare with finalized policies to simplify enrollment and expand access to coverage. HHS.gov. Retrieved March 18, 2024, from https://www.hhs.gov/about/news/2022/10/28/biden-harris-administration-strengthens-medicare-with-finalized-policies-to-simplify-enrollment-and-expand-access-to-coverage.html

56 The White House. (2021, August 10). FACT SHEET: Biden-Harris Administration lowers health care costs. Retrieved March 18, 2024, from https://www.whitehouse.gov/briefing-room/statements-releases/2021/08/10/fact-sheet-biden-harris-administration-lowers-health-care-costs/

57 Government of El Salvador. (n.d.). Adopting El Salvador. Retrieved March 11, 2024, from https://adoptingelsalvador.gob.sv/Landing

58 Directorate General of Immigration Republic of Indonesia. (n.d.). e-Visa Indonesia. Retrieved March 11, 2024, from https://evisa.imigrasi.go.id/