Paranoia has gripped some Colombian billionaires after four years of President Gustavo Petro’s leftist government. Arturo Ramos, 30, says the country is headed for an economic collapse. “Everyone in Latin America has gone bankrupt because of the delusion that they can spend more money than they have,” says this heir to a business empire, who prefers to remain anonymous.
He fears a decline in his standard of living. “I probably won’t have to sell the house or stop paying the staff or the driver. But a designer shirt, a bottle of whiskey, a trip to Europe, or any other imported product would become ten times more expensive,” he says. So, faced with the possibility of the left holding onto power in the upcoming presidential elections, he made a decision: to leave the country.
The end of his master’s degree in New York, in mid-2024, coincided with a growing concern about what was happening in Colombia. “I was extremely worried about the pension, labor, and healthcare reforms. And that the government had taken on more debt to pay interest, passing the problem on to the next administration,” he explains in a video call.
He hired a lawyer who helped him apply for permanent residency in the United States under a “national interest” category granted to individuals who can demonstrate “exceptional talent. He paid $38,000 (about 145 million pesos), with no possibility of a refund if his application was rejected. He was successful and now feels more at ease. “My life plans can’t depend on an election.”
The architect now earns 21 times more than he did in Colombia — he prefers not to disclose the amounts — and, he says, he’s saving 25%. He invested in a startup and the stock market, and is preparing another investment to acquire a fleet of trucks. All of this, he says, will give him a financial cushion when he decides to retire in his home country. He wants to secure an income of $1 million a year.
“Colombia is wonderful if you have one foot out the door, with a safety net in dollars,” he says. The possibility that the right could win the presidential election in less than two weeks does not make him reconsider. “I’m absolutely certain that Iván Cepeda [the leftist candidate backed by Petro] will win. But even if he doesn’t, the left will return in four years. People have already tasted the drug of welfare.”
Whether or not the fear of an economic collapse is justified, the idea of protecting wealth abroad has long appealed to the wealthy, regardless of the country. Arturo has gone as far as relocating indefinitely, but there are many options. Some simply buy property overseas to collect rent in dollars. Others invest in second citizenships or residency permits as a “Plan B,” with no immediate intention of moving. More familiar is the search for tax advantages in countries like Panama or the United Arab Emirates, which topped the list of popular destinations until the war in Iran caused them to lose ground.
Colombia has a sufficiently robust market to attract those who advise the wealthy on these matters. This year, the firm Henley & Partners — specializing in “citizenship and residency planning” — opened an office in the country. A video on its website suggests that anyone who can afford it should want these services. “The wealthiest and most successful people are international.” “Often you don’t realize you have a need until it’s too late.” “The greatest symbol of freedom is the ability to live wherever you want, raise your children wherever you want, and not subject your family to the fate of the place you were born.” “You can choose”… if you have the money.
An insurance policy of sorts
Isabel Quintero, managing director of Henley & Partners’ Miami and Bogotá offices, explains in a video call that the firm decided to expand into Colombia because it saw “an increase in demand over the last two and a half years.” “High-profile individuals are preparing for any scenario,” she says.
Quintero avoids mentioning Petro or Cepeda, but acknowledges that political uncertainty is one of the common reasons why clients approach them. “The company doesn’t take sides, but people diversify their governments in the same way they diversify their investments, in the United States or in Colombia,” she says. “We see it when there are extreme changes, from both the left and the right. What happens if the laws change? You have to be ready, have a policy.”
Colombia, Quintero explains, has “both components of the cocktail” the company needs, which in recent years has also expanded to Mexico and Brazil. “There are people with high purchasing power, and, at the same time, there is a need. In Austria, there are clients with high net worth, but they don’t have a need,” she states.
The company has a very clear profile of its clients, whom it only accepts after an interview to ensure their applications are likely to succeed. “Colombians, in general, prefer places where the same language is spoken, such as Spain, Costa Rica, or Panama,” says Quintero. They also prefer to invest in income-generating assets, unlike U.S. clients, who favor donation‑based programs.
The programs are varied, both in terms of requirements and benefits. “The higher the client’s profile, the more programs they pursue simultaneously. For example, we offer citizenship in St. Kitts and Nevis because it provides access to a strong passport, and we combine it with Panamanian residency, which is attractive for tax purposes,” Quintero explains.
Spain is often appealing to families seeking a better quality of life for their children: they pursue postgraduate studies there, make an investment of €150,000 ($174,000) in corporate bonds, and after two years, obtain citizenship. This option requires relocation and isn’t suitable for those simply looking for a backup plan. There are more affordable options. “You don’t have to be a multimillionaire to access a program like Costa Rica, which offers a very high quality of life. A pension of $1,000 a month is sufficient,” says Quintero.
Skepticism
The market, however, has its limits. Cristóbal Young, a sociology professor at Cornell University in the United States and an expert on the migration of the ultra‑wealthy, says in a video call that the trend should not be overstated, especially when it comes to permanent relocation.
“The migration rates of millionaires are very low. The more money you earn, the less likely you are to migrate,” says the author of The Myth of Millionaire Tax Flight.
He explains that the wealthy have less incentive to leave because they built their wealth in their home countries. “Their places of origin are a big part of their success. That’s where they have powerful professional networks. So it makes sense for them to stay and continue doing what they do. The cost of starting over somewhere else is especially high for them.”
Young also points out that there is a difference between the idea of “leaving the country” and actually doing it. He illustrates this with an anecdote from his arrival in the United States from Canada two decades ago. “Everyone was telling me, ‘If Bush gets re-elected, I’m going to Canada.’ I thought it was charming and funny, but it was just something to say. They didn’t do it,” he says.
At the same time, he acknowledges there is a small group of people who can follow through. “They are very few, but you find them, and they are interesting people,” he says. Arturo, he says, is the ideal candidate: “When they move in the early years of their career, they are more likely to succeed.”
Economist Luis Carlos Reyes, former minister of commerce under Gustavo Petro, agrees with the academic’s assessment. “It’s not that the wealthy are going to leave the country overnight. They try to move their assets to tax havens, but the exchange of information between tax authorities has made this increasingly difficult. No one can set up a Colombian factory here and then move to Hong Kong, Luxembourg, or Switzerland the next day,” he notes in an exchange of messages. “The fact that there are firms offering these kinds of services doesn’t necessarily mean they’re going to migrate; it simply means that some people are afraid, and there are others willing to exploit that fear for their benefit.”
Arturo acknowledges that migration has come at a high price for him. “I miss Colombia a lot, without a doubt,” he says. He feels he fits in “perfectly” with his fellow Colombians, even if they come from different social classes or regions. “Here, on the other hand, I have to change my mindset and assimilate into something I’m not. I become more robotic and stiff,” he says.
A few days after the interview, when asked if he thinks he can spend decades in the United States, he says via text message: “I’m assimilating more and more. It’s sad to see my Colombian side shrinking a bit, and I’m becoming more from here than from there. That’s perhaps how I’ll manage to endure it.”
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