Wealthy U.S. families are increasingly applying for second citizenship and national residences to mitigate financial risks. According to Henley & Partners, Americans lead in securing alternative residences and citizenships. The firm notes that affluent individuals are creating “passport portfolios” to diversify their residency options, citing concerns over volatility and instability. Popular destinations include Portugal, Malta, Greece, and Italy, with Portugal’s “Golden Visa” and Malta’s citizenship programs being particularly favored. This trend is driven by factors such as easier travel, safer business operations, cross-border financial advantages, and the desire for backup residency options amid global uncertainties. Despite this, most wealthy Americans are not renouncing their U.S. citizenship due to the high exit tax. Globally, millionaire migration is expected to rise, with the U.S. attracting a significant number of wealthy immigrants.
https://www.cnbc.com/2024/04/10/rich-americans-get-second-passports-citing-risk-of-instability.html
