In light of the U.S. elections on 5 November 2024, Americans have shown a growing interest in second passports. Following the 2024 election, the demand skyrocketed, with reports of a 500% increase in Americans exploring plan B passport options, with countries like Portugal, Costa Rica, and the UK being some of the top picks.
The rising demand for dual citizenship has been increasing since 2016. It continued to gain momentum after the 2020 election cycle and only intensified from there due to concerns about political stability, tax benefits, and the desire for more freedom to travel and live abroad.
Laura Madrid, Global Intelligence Lead at Global Citizen Solutions (GCS), shared some eye-opening statistics during a recent webinar hosted by GCS about the growing number of Americans living abroad and looking for second passports.
“When it comes to statistics, the association of Americans living overseas, Arrow estimates that approximately 5.5 million Americans currently live outside the U.S. But of course, following the 2024 elections, relocation-related searches surged by a staggering 5,00% on Google. This trend is not new, though. The number of Americans expressing a desire to move has steadily increased. In 2016, 11% of Americans expressed this desire, and by 2020, the figure rose to 16%.”
The Role of Political Uncertainty
Concerns over political instability have played a significant role in the surge of interest in second passports. Fears surrounding tax changes, social unrest, and the effects of the pandemic fueled many Americans’ desire to relocate or secure a “Plan B” passport.
After the 2020 elections, concerns grew due to the pandemic and increasing political division. However, the 2024 election has intensified the search for safety nets, with many wealthy individuals willing to invest in citizenship through investment programs that offer citizenship in exchange for a substantial investment to secure new rights, tax benefits, freedom to travel, and more.
The rise of second passport Google searches from 2016- 2024
Year | Event | Increase in Google Searches | Key Drivers |
2016 | Donald Trump was elected as President. | +200% | Political uncertainty; interest in Canada's immigration pathways. |
2020 | Joe Biden vs. Donald Trump Presidential Election+ Covid 19. | +300% | Pandemic concerns, social unrest, and political polarization |
2024 | Donald Trump as the leading presidential candidate. | +500% | Increased polarization; interest in dual citizenship as a safety net. |
The Growing Demand for Dual Citizenship
A growing number of wealthy Americans are searching for dual citizenship through citizenship by investment (CBI) or residency by investment (RBI) options. According to surveys, reports, or studies conducted by organizations and consultancies specializing in global mobility, wealth management, or immigration investment, many are willing to dedicate up to 10% of their wealth to these programs. These investment programs require substantial financial contributions but offer various benefits, such as visa-free travel, tax advantages, and residency rights.
While residency by investment, also known as the Golden Visa program, offers legal residency and the right to live and work in a foreign country with the potential for a passport after certain criteria are met, citizenship by investment grants individuals full citizenship and a passport, allowing them to enjoy the rights of a natural-born citizen.
Golden visa programs are one of the most popular options for those looking for residency. These schemes are sought after because of the flexibility and convenience of minimal residency requirements. Adalberto Pucca, head of Business Development at GCS, further elaborated that many clients are looking to move quickly and gave insight on the best options that will also be advantageous in the long run:
“You know, we often see clients who come to us [and] say, how can I move quickly? I’d like to obtain residency elsewhere. So, then we come up with a plan of, you know, Spain, for example, is a country that has a very fast golden visa program. We can look at, as well, of course, the [other] golden visas. We can look at digital nomad programs and passive income visas. But ultimately, as a Plan B, I would say golden visas are at the top of the list when it comes to residency.”
To add to Pucca’s thoughts, a few European countries were mentioned a couple of times for their RBI programs on the GCS webinar and the annual Web Summit, one of the biggest tech events in the world that took place in Lisbon, Portugal.
During these important events, Portugal, Malta, and Spain were mentioned a lot as some of the top countries that Americans would move to.
Global Passport Index Reveals World's Best Passports for Travel, Lifestyle, and Business
The Global Passport Index, is the ultimate plan B passport tool for global citizens looking to relocate do business, and invest abroad created by global mobility firm, Global Citizen Solutions.
It’s a valuable passport tool for expats, digital nomads, retirees, and international investor citizens looking for a second passport. It assesses the best countries based on mobility, investment, and lifestyle and helps people think ahead and invest in flexible, long-term mobility options.
The key researcher behind the Global Passport Index (GPI) tool explained how, “Canada and the United Kingdom are top destinations [for Americans] due to language and cultural similarities. Notably, six out of ten destinations are European countries.”
Additionally, GCS’ Managing Director, Patricia Casaburi, further described the importance and intention behind the GPI:
“We know that programs like second residence, golden visas, and citizenship have become more and more relevant every day with all the global turmoil in different countries, whether related to politics, environmental changes, or other factors. People are actually looking for a plan B for their lives. In that context, I think it’s very important to have a tool like this when making important decisions and looking for new opportunities, whether for relocation, business, family, or healthcare. Depending on your goals, having a tool like this is incredibly valuable in that context.”
2024’s Top 10 Most powerful passports
- Sweden
- Germany
- Finland
- Switzerland
- The Netherlands
- United Kingdom
- Ireland
- Denmark
- Luxembourg
- Norway
To find out more about how to get a second passport
Why are Americans interested in immigrant investor programs?
Joe Rice, leader of the Caribbean unit at GCS, explained that many Americans turn to CBI programs due to the attractive tax advantages offered by countries in the Caribbean and elsewhere. Nations like Vanuatu and Turkey have become particularly great for their favorable tax policies, business opportunities, and ability to access international markets.
“I have many clients that ask why people are doing this. Why should I do this? And it’s for us to show them, you know, what benefits they can get, like the tax benefits in all the countries. In Turkey, investing in real estate is big now. It’s becoming a very popular program. In Vanuatu, it’s great for asset management [and] it’s popular for crypto investors. You can start crypto businesses in the Caribbean. As I mentioned, tax benefits, no income tax, capital gains, wealth, or inheritance tax.” said Rice.
As Rice pointed out, a major factor motivating Americans to explore investment schemes is the U.S. tax system. Unlike many other countries, the U.S. employs a worldwide tax system, meaning citizens and green card holders are required to pay U.S. taxes on their global income, regardless of where they live.
While CBI programs in the Caribbean offer attractive tax benefits, different regions and schemes have their advantages. Madrid further expanded on why European countries are popular among Americans, and it is because most are looking for “improvement of quality of life, enhanced mobility, access to the Schengen area, and the availability of public services, especially a blend of reliable public healthcare system and affordable complementary private options.”
To find out more about the best immigrant investor programs
Popular Citizenship and Residency Programs for Americans
Country | Investment Options | Minimum Investment (€/$) | Time to Citizenship | Key Benefits |
Investment or donation in the arts, reconstruction of cultural heritage | €250,000 | 5 years | Schengen access, family inclusion, and dual citizenship after residency. | |
Real estate, government contributions, donations | €750,000 | 12 to 36 months | EU passport, Schengen access, permanent residency, and family inclusion. | |
Real estate, public debt securities, business investment | €500,000 | 10 years | Residency in Spain, Schengen access, and family inclusion. | |
Real estate, cultural property restoration | €250,000 | 7 years | No residency requirement, family inclusion, and Schengen access. | |
Government bonds, corporate investments, startups | €250,000 | 10 years | Residency in Italy, Schengen access, and family inclusion. | |
Real estate, mutual funds, company shares | €300,000 | 7 years | Permanent residency, favorable tax policies, and family inclusion. | |
Real estate investment | No minimum investment | 3 years | Growing real estate investment market, eventual EU passport. | |
Real estate, business investment | €50,000 | 5 years | Affordable investment, Schengen zone access, and family inclusion. | |
Real estate fund | €250,000 | 6 years | Strong healthcare system, Schengen access, and central European location. | |
Donation to Economic Diversification Fund; Real estate | $200,000 | 6-9 months | Visa-free access to 145+ countries, low cost, no residency required, and tax advantages. | |
National Development Fund donation; Real estate | $230,000 | 6 months | Visa-free travel to 150+ countries, family inclusion, and no residency requirement. | |
Sustainable Growth Fund donation; Real estate | $250,000 | 2-4 months | Visa-free access to 150+ countries, fast-track option, and no income tax. | |
National Economic Fund donation; Real estate; Bonds | $240,000 | 10 months | Visa-free access to 140+ countries, family inclusion, and no residency required. | |
National Transformation Fund donation; Real estate | $235,000 | 9 months | Visa-free access to 140+ countries, E-2 visa treaty with the U.S., and tax advantages. | |
Development Support Program donation | $130,000 | 60 days | Visa-free access to 100+ countries, no residency required, and attractive tax regime. | |
Real estate purchase; Business investment | $400,000 | 3-4 months | Visa-free travel to 110+ countries, thriving real estate market, and dual citizenship allowed. |
Explore Global Citizenship: Key Insights and Options
Navigating the complexities of citizenship, passport acquisition, and immigration can be a daunting task. Whether you're considering a move for business, personal, or security reasons, understanding your options is crucial. At Global Citizen Solutions, we specialize in providing clear, comprehensive guidance in these areas. Our expertly crafted articles offer deep insights and comparisons to help you make informed decisions.
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Exploring Citizenship by Investment: For those interested in acquiring citizenship through investment, our guide on citizenship through investment breaks down the process, benefits, and key considerations, helping you understand how this path might suit your personal and financial goals.
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Comparing Citizenship by Investment Programs: Choosing the right program is vital. Our comprehensive comparison of CBI programs worldwide provides a clear, side-by-side look at what each country offers, aiding you in finding the perfect match for your needs.
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Top Citizenship by Investment Programs: To further assist your decision-making, we've curated a list of the best citizenship by investment programs available. This resource is invaluable for anyone looking to understand which programs offer the most value, security, and benefits.
At Global Citizen Solutions, we're committed to helping you navigate the path to a new citizenship with ease and confidence. Explore our resources to gain a clearer understanding of your options and embark on your journey towards global citizenship.
