Why do wealthy Americans want to move to Europe? - The new trend, second passports!
An increasing number of members of the American elite are seeking citizenship abroad and want to take their wealth with them.
In the first quarter of 2025, the number of requests from America's wealthiest citizens regarding obtaining foreign citizenship and residency permits abroad increased by a staggering 183% compared to the previous year, according to the US Wealth Report 2025, which was published a few days ago by investment consulting firm Henley & Partners.
The report points to rising geopolitical uncertainty as the cause. The trend extends beyond the initial immediate reaction to Donald Trump's victory in November's presidential election.
More significant is the fact that a significant portion of wealthy Americans went beyond simply considering the prospect of relocating abroad and took concrete steps to make it a reality.
US citizens accounted for over 30% of all investment immigration applications submitted through Henley & Partners so far this year, almost double the combined amount of the top five investor nationalities, which include Turks, Indians and Britons, according to the report.
Investment immigration refers to a process through which high-income individuals can obtain legal residency status or citizenship in a foreign country by pledging to invest in its economy, rather than following traditional immigration procedures.
Many countries, including the US, offer these "golden visa" programs aimed at the ultra-rich. For many of America's top 1%, obtaining a foreign passport serves as a form of insurance policy.
Among the countries where higher-income Americans plan to move their portfolios is Europe, which remains a top destination, with countries like Greece, Italy, Portugal and Switzerland offering attractive residency programs that promise a comfortable lifestyle combined with business advantages, according to data from Henley & Partners.
Outside the European continent, American millionaires and billionaires are increasingly seeking citizenship in places like the Caribbean, Turkey, and the island nation of Nauru in Micronesia.
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