Americans want a second passport and are willing to pay

Americans have been eyeing greener pastures for years. In 2016, the Canadian immigration website crashed in the wake of Donald Trump’s first presidential victory. The idea of leaving the US resurfaced on November 6, when travel site VisaGuide calculated a staggering 1,514% spike in Google searches from Americans looking into migration options.

A representative from UK-based Immigration Advice Service told Sherwood News that 97,000 Americans have visited its website since the election, with most inquiries focused on relocating to England or Ireland. Meanwhile, a legal consultant from Italian Citizenship Assistance reported receiving a new American inquiry every three minutes since Donald Trump’s latest election win.

While the idea of moving abroad is sometimes a knee-jerk reaction to election results, dual citizenship has evolved over the years to become far more than a political escape. Wealthy individuals have been using alternative-citizenship programs for decades, starting with the first citizenship-by-investment program created by St. Kitts and Nevis in 1984. These programs let people gain citizenship in another country by investing anywhere from $200,000 to $2 million in real estate, businesses, or government funds. The perks include a second passport, visa-free travel to many countries, and, in some cases, tax-free income and inheritance benefits for your heirs.

Owning multiple passports is a practical strategy for global mobility and financial security, says Jon Green, director of global sales at citizenship concierge service Latitude. While wealthy Americans have always known this, Green says pandemic-era travel bans, which restricted Americans from visiting many of the 186 countries we normally enjoy visa-free access to, woke more people up to this reality.

“People realized that they shouldn’t be reliant on a single passport,” he said.

John Lee, cofounder and CEO of international tax-compliance company Work From Anywhere, says companies are starting to feel the pressure to prioritize legal ways for their employees to work in different countries.

“There’s a traditional mindset that working from anywhere means sipping margaritas with a laptop on the beach,” he said. “But more often, it’s about having the freedom to spend meaningful time with loved ones or family at home for a few weeks or months.”

If your job lets you work from anywhere or if you’re retired, freelancing, or otherwise able to make ends meet, your options for leaving the US are either citizenship, residency, or digital-nomad programs. 

Fast but not cheap: buying your way away 

For high-net-worth individuals or anyone with a nest egg they’re willing to invest in their new country, investment programs offer fast and flexible routes to citizenship or residency. Latitude is one of many concierge services out there operating as a passport broker, and has helped some 7,000 people gain citizenship in seven countries across Europe and the Caribbean. A similar company, Global Citizenship Solutions, advertises servicing 11 countries, including Cambodia (minimum investment $245,000), Egypt ($250,000), and Jordan ($750,000).

Green says the Mediterranean island nation of Malta right now offers the world’s hottest citizenship-by-investment program. It awards Americans the fastest path to a European passport at just 16 to 18 months, given applicants pass the country’s stringent due-diligence checks. It’s expensive, though: applicants with less than three years of residency in Malta face investment minimums of $750,000.

“You’re getting a Malta passport,” Green said, “but then with that, you have the right of establishment in any EU country and freedom of movement within the EU.”

As far as what you’re buying, each country has different options. Generally speaking, applicants are required to invest in some combination of private or commercial real estate, government bonds, and/or funds that inject capital into priority sectors. For instance, St. Kitts’ Sustainable Island State Contribution fund supports green energy, local food production, and social safety-net programs. Depending on the country, you might also have to make a nonrefundable donation.

Slower, somewhat cheaper: residency by investment 

Next, there are residency-by-investment programs, often called “golden visas.” Latitude services nine such programs in countries across the Caribbean, North America, and Europe. Global Citizenship Solutions lists Portugal and Spain, which launched programs in 2012 and 2013, as the best golden-visa options. Other countries on the list include Cyprus, Latvia, Hungary, and the United Arab Emirates. At just €50,000, Latvia’s program is most affordable.

Golden-visa programs don’t put a new passport in your hand right away, but rather grant the right to live and work in a new country for a set time frame, often five or six years. Some programs can lead to permanent residency or citizenship after the initial period. Ghana, for instance, bestows a form of permanent residency called Right of Abode to people of African descent who have lived there and contributed financially for seven years. Meanwhile, Greece’s golden-visa program, which requires investing $250,000 in private property, grants residency for up to five years, but is renewable and can be made permanent, letting residents naturalize as citizens after seven years. Interestingly, residency programs don’t always require that you live in the country full-time. Greece requires zero days, while Portugal requires just seven in your first year and 14 each year after that. 

Cheap, but not forever: digital-nomad visas

If you’re not ready to commit to residency, you can look into obtaining a digital-nomad visa. These are temporary visas that don’t lead to citizenship, but they can give you greater flexibility to enjoy a change of scenery. Currently, at least 66 countries now offer digital-nomad programs, with application fees ranging from $86 to $641. These programs last from six months up to five years, depending on the country. To apply, you’ll have to show proof of a valid passport and that you have economic solvency. Usually, that means furnishing monthly income statements or bank statements showing you’ve maintained enough money in savings over the past year to support your visit. For Mexico, that means an average of at least $43,000 in your bank account for the past 12 months, or a monthly income of $2,595 or more for at least six months — more if you’re bringing a dependent. 

Cheap, but not fast: citizenship by descent

Lastly, it might be time to pull out your family record books. One method to gain legal citizenship that doesn’t involve your finances comes down to your DNA. At least 50 countries invite those with ancestral ties to apply for citizenship by descent. That list includes Austria, Ireland, Germany, Poland, Italy, India, Lithuania, Slovakia, Spain, Portugal, Hungary, and more. You might have to stumble through some antiquated rules — for example, Italy passed down citizenship only from fathers until 1948, and it took until 2009 for courts to recognize ancestral lineages through women — but it could be worth the deep dive for lifetime access to a second home. 

“I had clients considering a multi-citizenship program, and when I saw their Italian last name, I asked if they’d looked into citizenship by descent. They said they didn’t qualify, but I had my team dig in,” Green said. “Turns out, they did qualify — and we saved them a million euros by pursuing the pathway of descent instead of investment.”

Green says Italy, Poland, and Ireland are the most common countries for citizenship by descent because they recognize lineages as far back as grandparents or even great-grandparents. Italy goes back unlimited generations, but the line must not be broken — meaning your ancestor can’t have naturalized in the US before giving birth to the next of kin.

So, if you’re thinking your next financial move might take you across an ocean, know that you have several options depending on your price point. Digital nomadism is the lowest barrier to entry, but you won’t get the privileges of residency or citizenship, which allow you travel within the diplomatic region of your host country visa-free. Citizenship is the only path to double passports, but the fastest ways to get it come with considerable investment minimums, unless you can prove a bloodline connection. No matter your choice, check the fine print, talk to a tax pro and immigration lawyer, and make sure your plans won’t come back to haunt you. When approached strategically, a second passport can be both a backup plan and a power move.

Megan DeMatteo is a journalist who’s written for Dwell, CNBC, Yahoo, Marie Claire, and Fodor’s Travel.