Aug 31, 2025
Shark Tank host Kevin O’Leary has a broad portfolio of strong opinions and is rarely shy to share them. In a recent Fox Business interview, the Montreal-born entrepreneur confidently asserted that a growing number of Americans are fleeing to Canada in recent months because of the nation’s relatively open immigration policies.
“The immigration policy there is currently more liberal than it is in the U.S.,” he told host Stuart Varney. “In the US, immigration has fallen to zero here, and many people would like to see it addressed in a more organized and legal way. But while it remains so tight, many people are taking advantage of policies that were implemented during the Trudeau era that have not yet been modified.”
Advertisement
“So, they’re not leaving because they don’t like the U.S.” Varney responds.
O’Leary seems to have misunderstood the question — here’s the catch: U.S. citizens don’t need immigration leniency to move abroad. And the data shows Americans are leaving the country for very different reasons. Here’s a closer look at recent statistics and what they actually mean.
U.S. Citizens moving abroad
More Americans sought refugee status in Canada in the first half of 2025 than during all of 2024, according to Canada’s Immigration and Refugee Board. The agency doesn’t reveal the reasons specified by applicants, but there are concerns of the Trump administration’s crackdown on LGBTQ rights and general political unrest.
Trans Americans, in particular, are increasingly seeking asylum in Canada, lawyers told Reuters. Gay couples who spoke to CTV News in April pointed to growing threats to marriage equality and gun safety concerns as reasons for moving north.
Even academics are making the move. In an opinion video for the New York Times, three Yale professors said they were relocating to the University of Toronto because of rising concerns about authoritarianism in the U.S.
Must Read
- Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake — are you doing the same?
- Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how
- Robert Kiyosaki says this 1 asset will surge 400% in a year and begs investors not to miss this ‘explosion’
Join 250,000+ readers and get Moneywise’s best stories and exclusive interviews first — clear insights curated and delivered weekly. Subscribe now.
A global trend: Not just Canada
Many Americans are also moving, not just to Canada but other parts of the world, due to economic concerns. Roughly 1,285 U.S. citizens expatriated in the first quarter of 2025, up 102% from the last quarter of 2024, according to federal government data analyzed by CS Global Partners. The report suggests the rate of expatriation could break a previous record set in 2020.
Some Americans are even shopping for so-called “golden passports” — citizenship-by-investment programs that allow people to essentially buy a second nationality. Caribbean nations such as St. Kitts and Nevis or Dominica offer dual citizenship starting at around $130,000. For wealthy expats, these passports can provide visa-free travel, tax advantages, and a hedge against political uncertainty at home.
Why go to such lengths? A Fast Company–Harris Poll found that nearly half of Americans who’ve considered moving abroad cite the cost of living (49%) and dissatisfaction with politics (48%) as top drivers. For some, buying a golden passport is simply the most efficient way to lock in a Plan B.
Advertisement
If you’re one of these potential expats, it’s important to do your research and plan carefully before you take the leap.
Moving abroad to improve your finances
Although it’s relatively easy to find a country with a lower cost of living than the United States, that’s only one of the many financial factors that could impact you if you move abroad.
For instance, U.S. citizens are obligated to pay taxes to the Internal Revenue Agency regardless of where they live. Depending on where you move, you could be subject to double taxation or withholding taxes on your income. Consult a cross-border financial expert to minimize this potential burden.
Healthcare is another factor worth considering. Many developed countries have universal and publicly-funded healthcare systems but your access to these systems may be limited depending on your immigration status, according to wealth management firm Creative Planning. Understanding these rules and potentially signing up for private insurance before you move could save you some money.
Finally, you must consider your options for income and employment. If you can work remotely for a U.S.-based company, while living in a lower-cost destination, you could unlock a surprisingly comfortable lifestyle. However, if this isn’t an option for you, make sure you research and understand the local job market before you move.
Moving abroad can be a path to greater security — financial or personal — but it comes with trade-offs. Before packing your bags for Canada or anywhere else, make sure the grass really is greener on the other side.
You May Also Like
- Turning 50 with $0 saved for retirement? Most people don’t realize they’re actually just entering their prime earning decade. Here are 6 ways to catch up fast
- Inside a $1B real estate fund offering access to thousands of income-producing rental properties — with flexible minimums starting at $10
- Vanguard’s outlook on U.S. stocks is raising alarm bells for retirees. Here’s why and how to protect yourself
- Here are 5 easy ways to own multiple properties like Bezos and Beyoncé. You can start with $10 (and no, you don’t have to manage a single thing)
Vishesh Raisinghani is a financial journalist covering personal finance, investing and the global economy. He's also the founder of Sharpe Ascension Inc., a content marketing agency focused on investment firms. His work has appeared in Moneywise, Yahoo Finance!, Motley Fool, Seeking Alpha, Mergers & Acquisitions Magazine and Piggybank.
