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Recent years have been marked by political polarization, economic uncertainty, high prices and even higher taxes. Post pandemic life has dramatically increased interest in additional citizenship and residency abroad. Additional citizenship and residency represent more than just visa free travel and enhanced global mobility. It is a comprehensive insurance policy that can give its user health arbitrage, retirement arbitrage and unique opportunities that are impossible to get in their home country. This sentiment is echoed by most high-income Americans who describe these visas as the ultimate insurance policy against uncertainty and the seemingly unstoppable trend of rising costs.
The American Exodus
Historically, the demand for second passports was driven by citizens of developing nations seeking stability and mobility. Today, the landscape has dramatically shifted with Americans becoming the single largest group of applicants for residency and citizenship by investment programs, according to Henley & Partners. The firm, which once had no United States office now operates nine offices, and American clients account for a staggering 30% of their global business. This surge is not an anomaly but a reflection of a deeper societal shift.
This trend is fueled by multiple factors including political division in the United States, dissatisfaction of the rise of the cost of living and the absurd cost of retirement. The decline of the U.S. passport's power is not just perception either; the downfall has statistical backing. The U.S. passport dropped out of the top 10 and fell to 12th place in Henley Passport Index. Countries like Singapore now hold the top spot and offer their citizens visa free access to 195 destinations.
Pathways to Global Citizenship
There are a variety of pathways to additional residency and citizenship. The three routes are by descent, naturalization and investment.
Citizenship by Descent
Citizenship by Descent is often the most straightforward path and allows individuals to claim citizenship based on their ancestry. Rules vary by country with some having historically generous policies that have allowed vast diasporas to reconnect with their heritage. However, the days of citizenship by descent are likely numbered. Italy tightened its laws in 2025 and now only limit claims to two generations. We expect these type of regulatory shifts by government to stay consistent as laws and regulations get tighter and tighter.
Citizenship by Naturalization
This traditional route involves residing legally in a country for a specified period before becoming eligible to apply for citizenship. The process is often lengthy and demanding, requires language proficiency, cultural knowledge and a clean criminal record.
Citizenship by Investment / Residency by Investment
Commonly known as Golden Visas or Golden Passports, these programs offer a fast track to residency or direct citizenship in exchange for a significant financial contribution to a country's economy. This has become the preferred route for high-net-worth individuals who value speed, efficiency and a clear structured process.
Golden Visa Hotspots for 2026 and 2027
2025 saw a clear trend of investors flocking to a handful of key destinations. We expect that trend to continue into 2026 and 2027 with the Argentinian Golden Visa program set to receive substantial interest from Americans.
The top programs that captured interest in 2025 were:
Portugal
Portugal remains a top choice despite its naturalization law change from 5 to 10 years. It still offers a low physical presence requirement of just 7 days per year and leads to EU citizenship. One Lisbon based firm saw a 571% increase in traffic from the United States in the first half of 2025.
Greece
Greece offers a straightforward real estate route to residency. It provides a clear and relatively fast path to a foothold in the EU and it has the lowest minimum requirement of the European golden visa programs with a requirement of a 250,000 Euro real estate purchase.
United Arab Emirates
The UAE has firmly established itself as the non-European alternative investment program. Its 10-year golden visa is obtainable for a $545,000 investment and offers long term residency in a global business hub with a 0% personal income tax rate.
Malta
Malta attracts families with its flexible and legally robust residency program. Malta is a member of the EU and allows for the inclusion of adult children which is a key factor for multi-generational planning.
Italy
Italy remains one of the top destinations for Americans because the country is an attractive destination for vacation and for its health prospects (Sardinia is located in a Blue Zone) and wellness care.
What Are the Benefits of Additional Residency / Citizenship?
For globally minded individuals the tool of additional residency and citizenship is multifaceted and provides benefits for wealth preservation, risk mitigation, opportunity creation, health and retirement arbitrage and an opportunity to give their children an incredible global education advantage.
Is the Window for Second Citizenship / Residency Closing?
Demand is soaring but the supply for countries offering high quality programs is tightening. European authorities have successfully pressured programs offering direct citizenship into closure like Malta, Cyprus and Bulgaria. Other countries are increasing residency requirements like Portugal did when they increased the time to naturalization from 5 to 10 years late 2025. The message from experts is "there is no better time than the present" when it comes to investing in a golden visa. Just because an investor is eligible today does not mean the investor will be eligible tomorrow.
Conclusion
As the world continues to navigate a landscape of unprecedented change, the strategic acquisition of a second passport through investment is the definitive step toward securing a future of stability, mobility and opportunity. The window of opportunity is open now, but it may not remain open for long.
