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A surge in wealthy U.S. citizens pursuing foreign citizenship and residency, driven by geopolitical and economic concerns, represents a strategic form of risk management for their assets and families. According to the 2025 USA Wealth Report from investment consultancy Henley & Partners, inquiries from affluent Americans about obtaining foreign status jumped 183% year-over-year in the first quarter of 2025. This trend goes beyond a reaction to recent political events, with U.S. citizens now constituting over 30% of all investment migration applications this year—nearly double the next five nationalities combined.
What Is Investment Migration and Why Is It Trending? Investment migration is a process where high-net-worth individuals can acquire legal residence or citizenship in another country by making a significant investment in its economy, often bypassing traditional immigration pathways. Basil Mohr-Elzeki, Managing Partner of Henley & Partners North America, states that this is not a fleeting reaction but a sophisticated strategy. “Securing alternative residences and citizenships is now a strategic form of risk management—a thoughtful Plan B that enhances family resilience, unlocks global opportunities, and safeguards multigenerational legacies,” he explained. For many, a second passport acts as an insurance policy against domestic volatility.
Where Are America's Wealthy Looking to Relocate? Europe remains a premier destination, with countries like Greece, Italy, Portugal, and Switzerland offering attractive residence programs that combine lifestyle benefits with business advantages. Outside of Europe, there is growing interest in Caribbean nations and Turkey. A notable, though less conventional, destination is the Pacific island nation of Nauru. Despite its small size, Nauru offers a tax-friendly environment, expanding investment opportunities, and a passport granting visa-free access to 89 countries, including major hubs like Hong Kong and Singapore.
Does This Trend Mean the US Is Losing Its Appeal? Despite this movement, the United States continues to lead globally in wealth retention. Henley & Partners data shows the U.S. is home to over 6 million individuals with investable wealth of $1 million or more, accounting for 37% of the world's millionaire population. Furthermore, more than a third of global private wealth is housed in the U.S. “The USA remains the world's best place to create and grow wealth, even if some opt to move elsewhere,” summarized Jean Paul Fabri, the firm's Chief Economist. This indicates that seeking a second citizenship is more about diversification than abandonment.
The Evolving Perception of Citizenship Professor Peter J. Spiro of Temple University Law School notes a shift in how U.S. citizenship is valued. “The enduring value of an American passport is now paired with a growing desire for a backup plan,” said Spiro. “Dual citizenship, once a luxury, is becoming the new American dream. In an era of rising uncertainty, many are seeking not just the right to stay, but the right to leave.” This reflects a broader mindset where geographic and financial diversification are intertwined.
Key Takeaways for High-Net-Worth Planning Based on our experience assessment, the trend of investment migration underscores several critical points for wealth management. Geopolitical and economic volatility are key drivers for affluent Americans to explore international options. A second citizenship or residence permit is increasingly viewed as a strategic asset class for portfolio diversification. Ultimately, this movement highlights a focus on building resilient, globalized legacies rather than a wholesale exodus from the United States.
