Three options for a second citizenship.
"Plan B": Wealthy Americans Are Massively Obtaining Citizenship in Other Countries, RTVI US Reports
An increasing number of affluent U.S. citizens are seeking a second or third citizenship, Forbes reports, citing data from several immigration consulting firms. Among the main reasons are the rising cost of living (for 68% of respondents) and the political climate (54%).
In general, ultra-wealthy Americans approach acquiring new passports in the same way they do their investment portfolios — diversification serves as insurance against financial and geopolitical risks amid an unstable environment, experts explain.
As a "Plan B," Americans most often consider three options:
- European countries — a passport from one Schengen Area country opens access to 28 others;
- The Caribbean — citizenship can be obtained for about $250,000 and in just 4-6 months;
- Canada and Ireland — Americans with roots in these countries choose to obtain citizenship by descent.
Approximately 60% of Americans with an income of over $200,000 a year are considering the possibility of moving to another country within the next five years. Meanwhile, a bill was introduced in the U.S. last year to prohibit dual citizenship and "exclusive allegiance to the United States."
