Wealthy Americans Are Buying Second Passports as Political and Economic Anxiety Grows

For years, the market for second passports and investment residency programs was largely driven by wealthy clients from countries facing political instability or restricted travel access. Now, migration advisers say Americans have become one of the industry’s fastest-growing customer groups.

According to investment migration firms cited in recent reports, affluent US citizens are increasingly seeking secondary or even tertiary citizenships as a form of geopolitical and financial insurance — essentially treating passports the way investors treat diversified portfolios. Executives in the industry say demand from Americans has accelerated sharply since 2024, fueled by political polarization, economic uncertainty and concerns over long-term stability in the United States.

Latitude World CEO Eric Major told Forbes that Americans now make up the overwhelming majority of his business compared with just a few years ago. He said wealthy clients increasingly view relying on a single nationality as a strategic vulnerability in a world they perceive as unpredictable.

A separate study conducted by Apex Capital Partners reportedly found that more than 60 percent of Americans earning over $200,000 annually are considering moving abroad within the next five years. The survey suggested motivations span both political camps, with respondents citing concerns ranging from political instability to cost of living and lifestyle issues. Industry data indicates interest surged after Donald Trump returned to office for a second term. Henley & Partners said inquiries from American citizens seeking alternative residencies or citizenships rose dramatically during the first quarter of 2025.

For many ultra-wealthy clients, the appeal is less about immediate relocation and more about optionality. Advisers say clients increasingly ask for combinations of passports, residency permits and long-term access rights across multiple regions. Some reportedly collect citizenships with the same enthusiasm others reserve for yachts, luxury watches or sports cars — although passports admittedly require slightly less garage space.

Among the destinations gaining popularity is New Zealand, which advisers describe as attractive because of its geographic isolation, political stability and quality of life. Some migration consultants say wealthy Americans view the country as a strategic fallback location in the event of global instability or conflict. However, entry into New Zealand’s residency system remains expensive, requiring multi-million-dollar investments that place it out of reach for most applicants.

Europe also continues to attract strong interest, particularly because citizenship in one European Union country grants access to the broader Schengen travel area. But obtaining residency or citizenship through investment has become increasingly difficult as several governments tighten rules around so-called “golden visa” programs.

Greece raised investment thresholds for residency in major markets, while Spain recently ended its golden visa system altogether following criticism over housing affordability. Portugal extended residency timelines before applicants can seek citizenship, and Malta has narrowed its citizenship process after legal pressure from European institutions.

Despite stricter rules, advisers say European citizenship remains highly desirable because it offers broad mobility and long-term settlement rights across much of the continent.

The fastest and least expensive options continue to come from the Caribbean, where several countries offer citizenship-by-investment programs with lower financial thresholds and relatively short processing times.

At the same time, advisers say the easiest route for many Americans is often ancestry-based citizenship. Applications connected to Irish, Canadian and other European family roots have reportedly risen sharply as more people explore eligibility through parents or grandparents born abroad.

The broader trend reflects a shift in how wealthy individuals think about nationality itself. Once viewed mainly as identity or legal status, citizenship is increasingly being treated as a strategic asset tied to mobility, taxation, education access and personal security.

Ironically, this surge in outward interest has unfolded while the Trump administration simultaneously attempted to market the United States as a destination for wealthy foreign investors through its proposed “Trump Gold Card” visa.

The initiative originally promised fast-track US residency for ultra-wealthy applicants willing to contribute millions of dollars. But despite high-profile promotion from administration officials, the program reportedly struggled to attract buyers at the initial pricing level and was later revised with lower financial requirements and fewer tax advantages.

Migration experts say the lukewarm response highlighted a growing reality inside the global wealth industry: wealthy individuals increasingly prefer flexible investment-based residency structures over expensive one-country commitments. Meanwhile, reports suggesting that more people left the United States than entered it last year have added another layer to the discussion, although migration trends remain politically contested and influenced by multiple factors.

For advisers in the citizenship industry, however, the conclusion appears straightforward. Wealthy Americans are no longer assuming that one passport automatically guarantees stability, opportunity or freedom of movement indefinitely. And in an era defined by political swings, geopolitical tensions and economic uncertainty, even nationality itself is starting to look less like a permanent identity — and more like another asset class to diversify before the next global shock arrives.

Written by Thomas Nussbaumer