David Lesperance
Coverage of David Lesperance in the Nexus archive.
- Here's how the ultrawealthy are getting citizenship abroad as 'insurance' against wealth taxes
Ultrawealthy Americans are increasingly seeking foreign citizenship or residency through programs like golden visas as a precaution against potential wealth taxes. Advisors describe second passports as 'insurance,' with a 183% rise in inquiries from U.S. nationals at Henley & Partners between Q1 2024 and 2025. Californians are preparing for a possible 5% one-time tax on billionaires, prompting asset relocations and relocations to states like Florida.
- The California billionaire tax is headed to the ballot. The ultrawealthy are bracing for what comes next.
California's proposed billionaire tax, a one-time 5% levy on net worth, will appear on the November ballot after opponents failed to block it. Billionaires are preparing to leave the state or reduce ties, with legal challenges and campaign fights expected if the measure passes.