In recent years, a remarkable trend has emerged among affluent Americans seeking to safeguard their future amid political and social uncertainties: acquiring second citizenships or residency in foreign countries. While former President Donald Trump’s proposal for a $5 million U.S. “gold card” for wealthy foreigners has garnered attention, a growing number of wealthy Americans are exploring similar opportunities abroad.
A Global Marketplace for Citizenship
The idea of purchasing visas, permanent residence, or even full citizenship is far from new. Nearly half of the world’s nations offer such programs for varying sums, often ranging from low five-figure investments to several million dollars. Popular destinations include Europe—Portugal stands out as a top choice—and the Caribbean, where some nations grant citizenship in exchange for real estate purchases or economic contributions.
Dominic Volek, an expert in global migration, noted a surge in American clients seeking these opportunities. In fact, Americans now make up the largest group of applicants for these programs, surpassing even historically high-demand countries like Pakistan, Nigeria, India, and the United Kingdom.
The “Great American Hedge”
This growing interest, described as “the great American hedge” by journalist Atossa Araxia Abrahamian, began during the COVID-19 pandemic. As countries closed their borders, even the wealthiest Americans faced unprecedented travel restrictions. This newfound limitation on mobility triggered a shift in mindset among the ultrarich, who began prioritizing global options to ensure freedom of movement and security in times of crisis.
The pandemic was not the sole catalyst. A series of uniquely American challenges, including school shootings, systemic racism, and the January 6 Capitol riots, have compounded this sense of instability. For many, acquiring a second citizenship is less about immediate relocation and more about having an “escape plan” should the need arise.
Why Portugal and the Caribbean?
Portugal has become a hotspot for Americans due to its Golden Visa program, which grants residency—and eventually citizenship—through property investment. The program’s appeal lies in its accessibility, safety, and high quality of life. Similarly, Caribbean nations like St. Kitts and Nevis or Antigua and Barbuda offer citizenship outright through real estate purchases or donations, providing an attractive option for those seeking minimal residency requirements.
Few Americans Are Moving, Yet
Despite the growing interest in second citizenships, most Americans pursuing these programs are not actively relocating. Instead, they value the reassurance of having options in an unpredictable world. As Abrahamian writes, having a second passport is less about immediate plans and more about future-proofing one’s lifestyle.
The Global Implications
This trend reflects a broader phenomenon of global mobility among the wealthy, reshaping migration patterns and national policies. It also highlights a divide in access to mobility, where economic privilege dictates the ability to navigate geopolitical uncertainties.
As the world becomes increasingly interconnected yet unpredictable, the demand for dual citizenship and residency programs is likely to grow. For affluent Americans, this isn’t just about travel—it’s about ensuring freedom, security, and a sense of control over their future.
Interested in Learning More?
If you’re considering exploring your own “great hedge” or want to learn about global citizenship opportunities, expert advisors can guide you through the best programs tailored to your needs. Contact us today for a personalized consultation.
