The number of wealthy American families applying for second—or third or fourth—citizenships and national residences is on the rise, as they seek to safeguard themselves against financial volatility and uncertainty. Now, according to law firm Henley & Partners, more Americans than any other nationality have secured added citizenships or alternative residences.
The vast majority of the time, these Americans aren’t denouncing their U.S. citizenship because the necessary “exit tax” that’s administered is prohibitively expensive for most. Instead, they’re on the hunt to add a visa or citizenship.
“We all live in uncertain times, not just in the U.S., but in all nations globally,” said Dominic Volek, group head of private clients at Henley & Partners. “Who knows what’s going to happen next. It’s really about having not only a Plan B but Plan C and D in place as well.”
High-profile people who have recently sought second citizenships include Google CEO Eric Schmidt, who applied for citizenship in Cyprus and billionaire tech investor Peter Thiel, who secured citizenship in New Zealand. Portugal, Malta, Greece and Italy are the top locations to secure supplemental passports, with both Portugal’s and Malta’s “Golden Visa” offering a path to residency and citizenship in Europe.
