Most explanations for the wave of secessionism in Western democracies focus on regional economic interests, growing regional identities, or the failure to accommodate national diversity through decentralization. This paper argues that independence referenda take place due to the strategic calculations of the main nationalist party given the environment of political competition they face. I find that calls for a referendum take place when 1) more than one nationalist formation exist, 2) the main nationalist party is in government, and 3) it is electorally threatened by a state-wide (non-nationalist) parties. This account challenges existing accounts and, contrary to conventional wisdom, nationalist parties do not call a referendum of independence to gain more power, but because they are afraid to lose it. Secessionism is a power-holding strategy rather than the goal of the referendum.