Wednesday, 10 April 2024 16:56

The financial elite is investing in second citizenships as protection against crisis

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In an era of increasing global uncertainty, wealthy US citizens are extensively exploring the possibilities of acquiring additional passports. This is not just a trend, but a thought-out strategy to safeguard against potential political, economic, or environmental crises. Henley & Partners, a firm advising on citizenship for high-net-worth individuals, notes an increase in Americans' interest in alternative residences and citizenships.

The importance of citizenship diversification for the wealthy

The idea of "passport portfolios", meaning having several citizenships by an individual, is gaining popularity among rich Americans. Dominic Volek of Henley & Partners points out that such diversification is understandable and accepted among the wealthy as a form of security. Given the increasing volatility and uncertainty, having more than one citizenship seems to be a logical step.

Popular destinations for acquiring additional citizenship

Americans seeking alternative passports most often turn their attention to Portugal, Malta, Greece, and Italy. Portugal's "Golden Visa" program is especially popular, offering a path to residency and citizenship in exchange for capital investments. Similarly, Malta, offering citizenship for real estate investments, attracts the attention of wealthy Americans looking for stability and security in Europe.

Reasons for the growing interest in second passports
Easing international travel: Second citizenship facilitates entry to countries that may be less welcoming to US citizens.

Safety during business travel: For American entrepreneurs, having a passport from another country can enhance safety while traveling to high-risk states.

Planned retirement location or lifestyle change: Many individuals seek an alternative place of residence for personal, family reasons, or due to preferences related to remote work.

In summary, the trend of acquiring additional citizenships among wealthy Americans is a response to the growing uncertainty of the world. Seeking stability, security, and better opportunities for themselves and their families becomes a priority in future planning.

 

Source: CNBC