Political changes and other forces are encouraging more HNW US citizens to consider moving abroad, while developments also affect how non-US persons want to make a home and business in the country. This area is becoming increasingly significant for advisors.

The upsurge in interest from Americans considering living or working abroad has made cross-border planning one of the hottest sectors of wealth management.

The first quarter of 2025 saw inquiries from US citizens about residing or working outside the country jump 138 per cent compared with the same period last year, according to Henley & Partners, a global firm specializing in residency and citizenship. It has seven offices in the US, including New York.

“There’s been a greater outreach for our services in the last four months than I can remember from a historical perspective,” said Jeff Sheldon, CEO for Cardinal Point, a Toronto-based firm that works with US and Canadian expats and Canadian nationals. 

“The interest level is at a record high for my 10 years working in the US-Australian cross-border domain,” said Ashley Murphy, principal of Arete Wealth Strategists and founder of the Global Financial Planning Institute.

“We’re seeing an explosion in demand for good financial, tax and wealth planning from cross-border families,” agreed Andrew Fisher, practice leader for cross-border planning at Cerity Partners, based in San Francisco.  

Digital nomads
Part of the reason is the years-long increase in the number of workers, enabled by technology, who are able to work wherever they choose around the world, aka “digital nomads.” Another is the rising number of retiring Baby Boomers who want to live abroad. 

Another catalyst was the Covid pandemic, which served as the “gateway drug” for restless workers, said Lauris Lambergs, CIO of Boston-based Renaissance Wealth Advisors. “People realized they could move away and still get their work done.”

Political concerns spur demand
More recently, political concerns in the US have spurred rising demand for cross-border planning, according to advisors specializing in the field.

“The events of the last few months have been especially worrisome to the cross-border community,” said Fisher. “They worry it’s a big step in the wrong direction.”

“People have been trying to escape the country in the last six months,” said David Kuenzi, who heads Creative Planning International. “People who never thought of leaving before the election now say they want to get out of the US. Same-sex couples think their marriages may be annulled, federal government workers think they may be targeted and Jewish clients who grew up hearing stories about what happened to their grandparents in the Holocaust are concerned about getting out while they can.”

The majority of Henley’s clients are pursuing an alternative residence or citizenship “as a mobility ‘insurance policy’ in these unsettled times,” said Judi Galst, managing director at the firm. “While most clients don’t want to leave the US, they want to know they can, which is a big change.”

Lambergs has also seen a surge in interest, but thinks it’s part of a normal pattern. “Every four years we see a spike in queries,” he said. “If your guy lost it’s the end of the world, but once it’s explained what they need to do to [to become an expatriate], most think it’s not worth it.”

Trump administration policies have also disquietened some non-US citizen clients. “One area that seems to be gathering some momentum is the concern of fluid cross-border visits by international clients,” said Miguel Sosa, founding partner of Coral Gables, Florida-based Premia Global Advisors. “It appears that there is growing reticence to come to the US due to its recent immigration changes.”

Uncle Sam’s tax requirements
Interest in cross-border planning really began to take off in 2010 after the US Congress passed Foreign Account Tax Compliance Act (FATCA), requiring US citizens living abroad to report their foreign income and assets to the Internal Revenue Service. “FATCA changed everything,” Fisher said. “Demand has grown steadily since then,” agreed Creative Planning’s Kuenzi. “That’s how we built our business.”

Tax compliance, estate planning, investment management and retirement accounts are key issues for cross-border clients, specialists in the field say. 

“Tax planning is the biggest pain point,” said Lambergs. As for investments, “asset location is as important as asset allocation,” he added.

Talent and expertise in short supply
The  complexity of cross-order planning and constantly changing regulations across a variety of jurisdictions has led to a severe shortage of talent. “The supply of talent has not met the demand,” said Lambergs. “Genuine experts are few and far between.”

“I’ve never hired anyone who didn’t need training,” Kuenzi said. “There’s nobody to hire that has expertise.”

Ashley Murphy, a dual citizen of Australia and the US with a financial practice specializing in cross-border issues, has attempted to fill that gap by founding the Global Financial Planning Institute five years ago.

New Global Financial Planning certification
After serving on the Financial Planning Association's International and Cross-Border Knowledge Circle, Murphy was inspired by the “lack of an educational offering in the space” to start the Institute, working with curriculum director Matt Goren. 

Over 50 advisors, known as “GFP Fellows,” have completed the Global Financial Planning Essentials certificate program to date, Murphy said, although the program is currently on hold pending the  development of a new “advanced class.”  The curriculum includes courses on cross-border financial planning basics; US and international tax compliance; tax and immigration essentials; retirement and estate planning abroad; and managing global investments.

The GFPI has around 20 associate members paying $295 in annual dues and 50 full-time members paying $445 in annual dues, according to Murphy.

Tax compliance draws the most interest “by a long shot,” Murphy said. “The US is unique with regards to imposing what's called citizenship-based taxation upon all Americans, be they in the US or abroad.”

IWI partnership
Beginning last year, the GFPI has teamed with the Investments & Wealth Institute to offer a course in “global financial planning essentials” that includes cross-border fact finding, US foreign tax reporting obligations, and managing a multi-jurisdictional portfolio.

Cross-border issues covering topics like foreign exchange, real estate, portfolio construction and business ownership are “not being taught in academia,” said Lambergs, an IWI board director.  

A GFPI certificate “helps to level the playing field and provides a mechanism for validating one’s knowledge,” said Sosa, himself a certificate holder. The GFPI’s monthly workshops “help to expand my knowledge of the nuances and variations of what a cross-border client needs. The organization expands our connections and knowledge of where to go when specific needs arise.”

While the nascent cross-border planning sector still doesn’t have the equivalent of a CFP [certified financial planning designation], the GFPI certification is “a step in the right direction,” said Sheldon, whose firm is owned by Focus Financial Partners. “It’s a great way to differentiate a practice that specializes in cross-border services and share best practices.”

Looking ahead
What do cross-border advisors see going forward?

Cerity’s Fisher expects the high cost of living to accelerate the trend of more Americans retiring abroad and global mobility among all demographics will also continue to expand, said Cardinal Point’s Sheldon. Indeed, as more Americans  work and live in Europe, Creative Planning’s Kuenzi and the IWI’s Lambergs believe that more financial institutions on the continent will begin offering financial planning.

When it comes to working with non-US citizens, trust and confidence have been key to attracting investment into the country, Sosa noted. “Having a clear understanding and knowledge of the tax implications for foreign investors will be important to being able to provide proper advice,” he said.