Latest / IMI Podcasts / Americans "Don't Want to Die Working": Mona Shah on Why Outbound US Migration is Soaring

Transcript

Americans "Don't Want to Die Working": Mona Shah on Why Outbound US Migration is Soaring · IMI Podcasts

• 0:00
  SPEAKER_02: A few years ago, it was rare to encounter an American citizen actively seeking residency or citizenship rights elsewhere.
• 0:07
  SPEAKER_02: The U.S.
• 0:08
  SPEAKER_02: has always been a magnet for global immigrants, and many around the world dream of a path to the highly coveted U.S.
• 0:14
  SPEAKER_02: citizenship and passport.
• 0:16
  SPEAKER_02: While this remains the case for the most part, there has been a noticeable shift in the attitude of wealthy Americans since the COVID-19 pandemic.
• 0:24
  SPEAKER_02: At the most basic level, many realize that even with an American passport, their access to many destinations could be abruptly cut off during an event similar to COVID-19 or other geopolitical shocks.
• 0:36
  SPEAKER_02: Also, many realize that having residency or citizenship in places like Portugal or the Caribbean would not only give them unrestricted mobility access to those locations, but could also mean that they would pay much less taxes and enjoy a less stressful lifestyle.
• 0:52
  SPEAKER_02: The world has changed, comments Mona Shah, managing partner at Mona Shah and Associates Global, speaking to IMI Daily on the sidelines of Global Citizen Week Cairo 2024.
• 1:03
  SPEAKER_02: I see a marked difference from before the pandemic and now.
• 1:07
  SPEAKER_02: There are still opportunities and money in the U.S., but there's a work ethic in the U.S.
• 1:11
  SPEAKER_02: that's not there in Europe, where it's more laid back.
• 1:14
  SPEAKER_02: And since COVID, there has been this attitude among Americans that they don't want to die working.
• 1:19
  SPEAKER_02: Many are also realizing that they needn't any longer put up with high levels of taxation and soaring costs of living.
• 1:27
  SPEAKER_02: There's a big section of Americans that now feel this way, Shah adds.
• 1:31
  SPEAKER_02: But the trend doesn't stop at Americans.
• 1:33
  SPEAKER_02: It also includes inbound immigrants who had been pursuing U.S.
• 1:37
  SPEAKER_02: residency for years, before finally giving up and starting to consider other options.
• 1:42
  SPEAKER_02: The U.S.
• 1:42
  SPEAKER_02: immigration system is not the best.
• 1:45
  SPEAKER_02: There are people who have been stuck in immigration proceedings for years.
• 1:49
  SPEAKER_02: Even applicants who have come through the EB5 investment program, explains Shaw.
• 1:54
  SPEAKER_02: We have applicants who have been languishing in cases dating back to 2017.
• 1:58
  SPEAKER_02: And it could be that they're now fed up and really want to find an alternative.
• 2:03
  SPEAKER_02: In the following interview, Shaw further explains how she sees the potential impact of the upcoming U.S.
• 2:08
  SPEAKER_02: elections on immigration trends in the US and reflects on how the immigration landscape has changed since she, an English citizen, immigrated to the US many years ago.
• 2:31
  SPEAKER_01: So what's your um expectation for like both scenarios?
• 2:35
  SPEAKER_01: If Biden wins or if Trump wins, what kind of American, like what kind of segments of Americans do you think will leave because of this situation or that?
• 2:42
  SPEAKER_00: Well, last time Trump was there, it was quite a disaster as far as immigration is concerned.
• 2:47
  SPEAKER_00: Um and the issue is really when you're looking at outbound America, it's not just Americans.
• 2:53
  SPEAKER_00: Uh, unfortunately, the US immigration system is not the best.
• 2:58
  SPEAKER_00: And there have been people who have been stuck in immigration proceedings for years, many, many years, for one reason or the other.
• 3:06
  SPEAKER_00: Maybe they started wrongly, maybe their application got stuck.
• 3:10
  SPEAKER_00: Even applicants who have come in through the investment program, the EB5 program, we actually have people who are languishing, unfortunately, from cases dating back to 2017.
• 3:21
  SPEAKER_00: So even be well, there's a few before then.
• 3:25
  SPEAKER_00: Uh, it could be that we have applicants who are just fed up and they decide that they really want to find an alternative.
• 3:32
  SPEAKER_00: That's one section.
• 3:34
  SPEAKER_00: And the second section of people are people who are US citizens, um, but have decided that for one reason or the other, and may it may not just be because of the election, they've just wanted to move out, move into Europe, move into another part of the world.
• 3:52
  SPEAKER_01: That has not been a trend before the pandemic.
• 3:55
  SPEAKER_01: It um the global like golden visa industry, let's say, was not like really attracted to Americans.
• 4:00
  SPEAKER_00: We have like the the world has changed.
• 4:02
  SPEAKER_00: The world has changed in many ways.
• 4:03
  SPEAKER_00: So I'm English.
• 4:04
  SPEAKER_00: I was born and raised in the UK, um, and my family are all there.
• 4:08
  SPEAKER_00: I moved over to the United States some years ago.
• 4:11
  SPEAKER_00: I see a marked difference from before and now.
• 4:15
  SPEAKER_00: Yes, there are opportunities and money is in the United States, but there is a work ethics in the United States which really isn't there in Europe.
• 4:23
  SPEAKER_00: Um the in Europe you do have a more laid back, and there are times, and I think it's since COVID.
• 4:28
  SPEAKER_00: Since COVID, you've had this attitude that I I don't want to die working.
• 4:33
  SPEAKER_00: You know, I would like to enjoy some of my life.
• 4:35
  SPEAKER_00: I feel like there's too much pressure, there's too much, I'm paying too much in taxes, I'm paying too much for living purposes.
• 4:41
  SPEAKER_00: So I think there is a sector of the current world who do feel that way and do want to move out.
• 4:47
  SPEAKER_00: There are emotional decisions.
• 4:49
  SPEAKER_00: There are also decisions which are born out of taxes.
• 4:52
  SPEAKER_00: US has very high taxes.
• 4:54
  SPEAKER_00: And uh it depends on where you live in the world, people from the UK, from Canada, they will be able to say the same thing.
• 5:01
  SPEAKER_00: But there are people who would like to move out to parts of the world where they you're not paying so much out on taxes.
• 5:07
  SPEAKER_02: This episode first appeared as an article by Mustafa Daily on IMIDAily.com.
• 5:12
  SPEAKER_02: Subscribe for free to the IMI newsletter for breaking news and updates from the investment migration industry.
• 5:19
  SPEAKER_02: And consider upgrading your membership to IMI Pro to get insider access to networking opportunities, industry events, data, and members only content.