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Why are the rich increasingly applying for second citizenships?

2024-04-11 10:06:03Lifestyle SHKRUAR NGA REDAKSIA VOX

Why are the rich increasingly applying for second citizenships?

Wealthy American families are increasingly applying for second citizenships and national residences as a way to hedge their financial risk. The rich are building these collections of "passport portfolios" of second, even third or fourth citizenships, in case they have to leave their country. Henley & Partners, a law firm that specializes in high-net-worth citizenships, said Americans now outnumber all other nationalities when it comes to securing alternative residences or added citizenships.

Recent high-profile examples of second citizenships include billionaire tech investor Peter Thiel, who added a New Zealand citizenship, and former Google CEO Eric Schmidt, who applied for citizenship in Cyprus.

Of course, the rich aren't packing up en masse and giving up their American citizenship. While a relatively small number of Americans renounce their citizenship each year to declare a new country of origin, largely because of the tax filing requirements, the so-called "exit tax" required to relinquish citizenship makes it financially prohibitive for most but the ultra-wealthy to simply renounce and declare a new citizenship.

Instead, many wealthy Americans are purchasing a supplemental visa or citizenship program to supplement their U.S. passport. According to Henley, the top destinations for supplementary passports among Americans are Portugal, Malta, Greece and Italy. Portugal's Golden Visa program is particularly popular as it offers a path to residency and citizenship — with visa-free travel to Europe — in exchange for an investment of 500,000 euros (about $541,000) in a fund or private equity. Malta offers a golden visa for €300,000 invested in real estate, which Volek said has become "particularly popular with Americans".

There are three main reasons for the growth of the US passport portfolio, or "residence diversification". An alternative passport makes travel easier for Americans traveling to parts of the world that are less friendly to the US.

Another reason is business travel, which can be safer and less visible with a non-US passport in many countries. U.S. business leaders could be targets of "random, hostage-taking, or random terrorism in the chaos of collapsed states or high-risk countries where they must travel for business purposes," according to the report, which said the parties concerned vary from protections. -fund managers meeting with global clients to mining company executives visiting operations sites.

Using a secondary passport can also help cross-border financial transfers or deals within the new country. Finally, some wealthy Americans simply want a backup residence for a possible retirement, to be closer to their families living abroad, or for living reasons in the new age of remote work. For others, US policy is the driver.

Globally, millionaire migration is expected to hit a new high in 2024, as wars, government crackdowns on wealth and political uncertainty push more wealthy residents to other countries. About 128,000 millionaires are expected to move to a new country this year, up from 120,000 in 2023 and 51,000 in 2013, according to Henley. The US remains a top destination for global millionaires leaving other countries, with a net outflow of 2,200 millionaires in 2023 and a projected inflow of 3,500 in 2024, according to Henley. China remains the largest source of millionaire emigration, losing a net 13,500 millionaires last year.


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