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Yahoo
28-04-2025
- Business
- Yahoo
More millionaires are considering exiting Canada now than during last election cycle, survey finds
More Canadian millionaires are considering moving abroad than four years ago, according to a recent survey from investor migration consultancy Arton Capital. Among Canadians with a net worth of $1 million or more, 28 per cent more than during the last federal election said they are more likely now to leave Canada, the survey of 1,000 people found. These high-net worth Canadians were most likely to list dissatisfaction with quality of life (56 per cent) and the economic outlook (45 per cent) as reasons for making a move. The survey also found millionaires were more likely to vote for the Liberal Party (46 per cent) over the Conservative Party (39 per cent), however it was those who voted Conservative at the last election who were more likely (34 per cent) to want to leave Canada than those who previously voted Liberal (23 per cent). Carolyn Cole, founder and chief executive officer of the Vancouver-based firm Cole & Associates, said choosing to leave Canada is less of a partisan issue and more of a tax issue. She has seen an 'exponential increase' in the number of wealthy individuals considering leaving Canada as a direct result of proposed changes in tax laws under the Trudeau government of the past nine years, she said. Canada's ultra-wealthy families — Cole & Associates works with high-net worth Canadians (typically with a net worth of about $100 million or more) who have family offices — are regularly calculating how quickly they might be able to recoup and grow their wealth if they sell their assets and leave for another country, Cole said. But she has seen only 'a handful' of families actually leave in recent years. Even those who leave are unlikely to abandon Canada entirely but are relocating their wealth domicile to another country in order to reduce their tax burden, she said. 'They (may) still have familial ties and a love for the country, they (may) still come back and buy businesses in Canada,' she said. 'But the tax has become so onerous to Canadian enterprises, businesses and families that it does warrant consideration on how to efficiently move.' The United States has been a key destination for migrating millionaires for years, but some wealth managers say the current political climate south of the border is causing many wealthy Canadians to take pause. In fact, the Arton Capital survey found political stability was the top factor Canadian millionaires considered while choosing another country to emigrate to, above access to social services and health care and even other considerations such as taxes. Cole said many wealthy Canadians are looking beyond finances and are not currently considering the U.S. On the other hand, Kris Rossignoli, a New York-based senior private wealth manager at Cardinal Point Wealth Management, said he has worked with many Canadian millionaires moving to the U.S. and other countries who are motivated by the prospect of lower taxes. While Canadian income tax revenue goes toward supporting key programs and services, such as health care, Rossignoli said many high-net worth Canadians end up paying more in taxes in Canada than they would for quality health care in the U.S. 'It obviously depends on how much you make, but certainly wealthier Canadians are looking at that math and saying, 'We're going to be saving tens or hundreds of thousands of dollars a year by moving to the U.S. and we're going to get significantly better health care.'' In other cases, Rossignoli has seen wealthy young Canadians move to the U.S. for jobs with higher salaries. He said clients looking for a more relaxed lifestyle have considered countries with golden visa programs, such as Portugal and Italy. These programs offer residency rights to affluent immigrants in exchange for a minimum investment. Some millionaires surveyed are thinking about the state of the economy as well. Canada's productivity performance, which has plunged dramatically since the COVID-19 pandemic, poses significant problems. Toronto-Dominion Bank economists wrote in a report last year that worsening productivity growth may lead to stagnating wages and higher taxes or reduced public services. This is especially concerning for millionaires who own businesses, said Tina Tehranchian, an Etobicoke-based senior wealth adviser and certified financial planner at Assante Capital Management Ltd. 'You need more incentives for hard work and entrepreneurial spirit in this country, and I think that will improve the standard of living and the economy and lift everybody up,' she said. Tehranchian said wealthy entrepreneurs want to see stimulus measures for Canadian businesses, such as reduced taxes, and increased investments in infrastructure to improve living conditions. However, Cole said the economic outlook may pose more of a concern for wealthy Canadians with less than $50 million, but less so for higher-net worth individuals, particularly those who may own operating entities in other parts of the world. 'The economic outlook in Canada is not necessarily their focus because wealth can be created anywhere,' Cole said. Canada is not necessarily set to lose more millionaires than it is gaining. The country's population of those with net worth of more than US$1 million is expected to balloon to more than 2.4 million by 2028 (21 per cent growth), according to a September report by Swiss financial services firm UBS Group AG. 'Canada is still a very attractive destination for many people from all over the world,' said Tehranchian, adding that Canada's standard of living and freedom of expression are major incentives for wealthy people entering from other countries. And migrating to another country is not a simple process, Tehranchian said, noting there are complex tax, immigration and legal implications for wealthy Canadians to consider. 'It takes time, and the more complicated your life and your wealth structure, the longer it will take,' she said. Cole said she has observed the process of exploring the decision to exit the country take anywhere between two to eight years. The potential ripple effects of wealthy Canadians who do end up leaving the country is concerning, Cole said. Here's how important homeownership is to building wealth in Canada The FP Wealth Survey: How much does it take to be considered wealthy in Canada? 'The decisions being made by Canadians to exit are often those who are creating the jobs for others in this country,' she said. 'My greatest fear is that 25 to 30 years from now is when the true impact will be felt of the very quiet financial exits that are happening from this country.' • Email: slouis@ Sign in to access your portfolio
Boston Globe
21-04-2025
- Business
- Boston Globe
Want to leave the US for good? How to get dual citizenship.
Tourists are limited by their guest status. Dual citizens, however, are granted many of the same privileges as locals. They can purchase property, apply for jobs, attend school, acquire a passport and stay for as long as they wish. (Some perks, such as voting and health care, may require residency.) Advertisement U.S. citizens can obtain another country's citizenship through a variety of means, such as investment; naturalization; or descent, officially known as jus sanguinis, the Latin term for 'right of blood.' The ancestral track is often the most achievable because it doesn't require a fat bank account, long-term residency in a foreign country or advanced DuoLingo lessons. A direct relative from abroad will suffice. Advertisement 'The most common route is by descent, typically through a grandparent,' said Peter Spiro, a law professor at Temple University who has written books on dual citizenship. 'An increasing number of Americans are now doing this.' The benefits of dual citizenship You already have U.S. citizenship and a passport, which ranks as one of the most powerful in the world. Why do you need another? So many reasons. For new adventures and opportunities - personal, professional, academic and/or financial. To connect with your heritage on a deeper level. For retirement planning, or to alleviate your tax burden. For ease of foreign travel, including speedier border entry and local discounts. To escape political unrest or social turmoil. Armand Arton, CEO of Arton Capital, an international agency that specializes in second residencies and citizenships, said many of his company's clients seek second citizenship as a 'Plan B.' Whether they relocate to their backup address or not, they are comforted by the idea of a safe haven, a place where they can retreat if their corner of the world goes haywire. " The last four months have accelerated that feeling for a part of the population in the United States," Arton said. Matthew S. Dunn, an immigration lawyer at Kramer Levin, said people are fleeing more than just the policies of Trump and his predecessor. 'People from both sides of the aisle or a range of political beliefs are looking for a more stable environment,' Dunn said. 'They feel that their beliefs are not in line with either administration and want to get away from it.' Basil Mohr-Elzeki, managing partner at Henley & Partners, said his firm has noticed an 'unprecedented increase' in demand from U.S. citizens, who make up nearly a quarter of his customer base, up from 4 percent in 2018. They are especially interested in citizenship from a European Union country, a skeleton key that will open doors to all 27 members. Advertisement 'It's quite powerful,' Mohr-Elzeki said of E.U. citizenship. Dual citizenship wasn't always so coveted, Spiro said. As recently as the late 20th century, it was considered an act of treason. Today, it is a status symbol, the calling card of globe-trotters. 'Since the end of the Cold War, we've witnessed close to an 180-degree shift in attitude,' Spiro said. How to check eligibility in the U.K., Ireland, and Poland To determine whether you are eligible for citizenship by ancestry, examine your family tree, focusing on the main branches. In general, lineage must come directly through a parent or grandparent, not an aunt or brother. Once you have a list of countries with a verifiable generational link, confirm that the governments allow multiple citizenships. Be careful because some countries require you to renounce your primary citizenship. The United States permits dual citizenship, as does most of Europe and much of Africa, including South Africa, Nigeria and Kenya. Asia has more 'holdout' countries, Spiro said, such as Singapore, Japan, Malaysia, Vietnam, India and Indonesia. The Middle East is a mixed bag. Jordan, Turkey and Lebanon allow it; Qatar, Bahrain and Oman do not. Henley & Partners lists more than 145 countries that permit multiple citizenships, though some favor investments over ancestry. Next, check to see whether you qualify. A country's consulate or agency that handles citizenship might illustrate the scenarios - a grandparent was born in the country, for instance, or a parent with citizenship was not - so you can find the one that best matches your family history. Advertisement Dates and circumstances can be important. The United Kingdom's lists several categories for applicants with a British parent, based on birth date: on or after July 1, 2006; between 1983 and June 2006; or after 1983. The conditions are slightly different. Some nations have less demanding qualifications than others. Citizenship specialists often mention Ireland and Poland as relatively easy, especially compared with France, Scandinavia and Italy. 'Italy is pretty complicated, but Ireland is straightforward,' Spiro said. 'It's almost like just signing up.' Acquiring Polish citizenship can be as simple as obtaining your grandparent's birth certificate, Mohr-Elzeki said. 'They would not have to learn the language or demonstrate ties to the country. They could do this at a distance as long as the grandparents were Polish citizens,' he said. The process becomes a bit more complicated if the relative became a citizen of their adopted home, severing the ancestral line. However, in many cases, you can still obtain citizenship if your grandparent was still a citizen of their homeland at the time of your parent's birth. That is how Filardo qualified. 'I knew my grandfather was born in Italy. I knew my grandparents came to this country and my father was born right after,' Filardo said. 'It's not like there was any question that these people were Italian and I had a right to the citizenship.' While some countries are opening their arms wider to new citizens, others are moving in the opposite direction. Last month, Italy capped lineage at parents and grandparents, removing great-grandparents from the roster of accepted relatives. It is also shifting the application process from Italian consulates and municipalities to one office in Rome. Advertisement Marco Permunian, lead attorney at Italian Dual Citizenship, which facilitates more than 2,000 applications a year, said the changes could shrink the pool of eligible applicants. Meanwhile, the consolidation of services to one site could create a backlog. He warned that the processing period could stretch beyond the average wait time of 2½ years. 'The community in North America is very frustrated,' Permunian said during a phone call from his office in Italy. 'It's a moment of uncertainty right now.' Privileges for descendants of immigrants fleeing persecution Several years ago, Heather Foster - who dreams of retiring in Europe with her husband - learned from a colleague about another path to citizenship: reparative citizenship. This category grants citizenship to descendants whose family members were expelled from their home country or denied citizenship because of war or persecution. The co-worker 'was getting Austrian citizenship as part of Holocaust reparations, so I started looking into it,' said Foster, 44, who works in health care. 'My grandfather fled Austria during the Holocaust, so I realized I might be eligible as well.' According to the Austrian Embassy in Washington, descendants may be eligible for citizenship if their family member 'feared or suffered persecution by organs of the National Socialist German Workers' Party … or of the authorities of the German Reich.' This group includes Austrians who 'died due to persecution or were deported abroad before May 9, 1945.' Similarly, German law states that the country will naturalize 'victims of persecution by the Nazi regime who were deprived of their German nationality on political, racial or religious grounds' between Jan. 30, 1933, and May 8, 1945 - the date of the country's World War II surrender. The law also covers their descendants. Advertisement In Spain, the 2007 Historical Memory Law, which was expanded 15 years later, attempts to repair injustices that occurred during the Spanish Civil War and Franco's dictatorship. Descendants of Spanish parents or grandparents who were exiled - for political, ideological or religious reasons, or because of sexual orientation or identity - may be entitled to citizenship. Benin recently passed a law granting citizenship to descendants of sub-Saharan Africans who were forcibly removed from the continent in the transatlantic slave trade. Nearly 20 years ago, Sierra Leone overturned a law that prohibited dual citizenship, a welcoming gesture to Sierra Leoneans in the African diaspora. Through Ghana's 'Year of the Return' program in 2019 and subsequent initiatives, hundreds of people from the diaspora have earned citizenship. The West African country also extends 'right of abode' rights to these community members, allowing them to live and work there without restrictions. During the Holocaust, Foster's grandfather fled to the United States via Switzerland. Though he survived the war, she said she is sensitive to the fact that her Austrian citizenship is tied to his plight. 'I was pleased to learn about this opportunity. Pleased is not quite the right word, though, because it comes with so much history and baggage and trauma,' she said. 'It's an unfortunate way to gain citizenship.' This summer, Foster hopes to visit Austria as a citizen. How much it costs to pursue dual citizenship Applying for citizenship can feel like tumbling down a 23andMe hole. You may become very familiar with your ancestral history and might even pick up a few new words in the native tongue. 'Some of the records are in the home countries, so you really have to do a deep dive,' said Matthew S. Dunn, the immigration lawyer at Kramer Levin. On vacation in Italy in 2001, Filardo visited her grandfather's village in Calabria to retrieve his birth certificate. In late 2019, she moved to Italy for a year to establish residency, circumventing the long wait to secure an appointment with the Italian consulate in New York City. 'If you declare you live in New York City with millions of other Italian Americans,' Filardo said, 'getting an appointment to get your citizenship is almost impossible.' For her Austrian application, Foster relied heavily on an aunt who resides in her grandfather's former house in New Jersey and oversees boxes of archival documents. She frequently called upon Google Translate, as well. If the application isn't too complex or the documents too difficult to collect, citizenship experts say, the applicant can lean on their own research and administrative skills. Foster completed the process herself, paying minimal expenses that added up to a few hundred dollars. " The costs are mostly related to sending in documents to be authenticated," she said. 'It's $20 here, $20 there, $50 for the fingerprinting, and then mostly mailing everything overnight to get it authenticated.' Filardo plunked down more money. She hired a lawyer in Italy, paying about $5,700 for his assistance with residency and the application. However, she spent less than some of Permunian's clients, who commit upward of $10,000 for a second citizenship. 'It isn't surprising to me how many businesses have cropped up offering to help people with this as a service,' Filardo said. 'For years, it was like a part-time job.' But now, Filardo can retire from it in Italy.
Forbes
10-04-2025
- Business
- Forbes
The New Era Of Global Mobility And What It Means For Business Leaders
Armand Arton is the Chairman and CEO of Arton Capital, a leading company in the investment migration industry. We are entering a new era of investment migration—one where exclusivity, strategic selection and national priorities are increasingly shaping the future of global mobility. Amid rapidly evolving economic landscapes and geopolitical shifts, governments are rethinking how they attract talent and capital investment—and it's something investors and entrepreneurs should be paying attention to. Governments are refining their approaches to ensure their programs remain competitive and aligned with national priorities. For example, the reinstatement of residency and citizenship programs in Hungary and Quebec, Canada, signals a resurgent competition in attracting global talent and capital. Or, consider Grenada's citizenship-by-invitation program, which handpicks individuals who bring both financial investment and strategic value to the host nation. (Full disclosure: My company helped design this program and, in partnership with Forbes Global Talent, is facilitating the nominations and vetting for this program.) In my view, initiatives like these also reflect a clear recognition: Investment migration can be a powerful tool for national development when directed with precision. A similar trend can be seen in how nations are focusing on investment in key industries. Rather than offering blanket incentives, forward-thinking governments are using targeted strategies to direct capital where it is needed most. Dubai's Blue Visa initiative is a prime example of this approach. Announced at the 2025 World Governments Summit, the initiative grants residency to an initial cohort of 20 sustainability leaders, signposting the United Arab Emirates's ambition to become a global leader in climate action. Beyond investment strategies, the modernization of passport systems is another essential frontier in strengthening global mobility. As countries refine their approaches, ensuring ever more seamless, secure and efficient travel is critical. Ethiopia's planned updates to its passport system are a promising example of how governments are taking tangible steps toward enhancing global mobility infrastructure. I believe the adoption of biometric technology, digital identities and e-visa systems will further streamline cross-border movement, setting a new standard for efficiency and security. As nations modernize their systems and negotiate greater visa-free access, they enhance not only the travel freedoms of their citizens but also their attractiveness to foreign investors and talent. In an increasingly interconnected world, a strong passport is more than a travel document; it is a gateway to opportunity. Another key development to watch is how the Trump administration will influence U.S. visa and immigration policies, particularly with the proposal for a $5 million "gold card" visa. This initiative, intended to replace the EB-5 visa program, seeks to attract wealthy investors willing to make a significant financial commitment in exchange for U.S. citizenship. While the full impact of this program remains to be seen, its potential to reshape global mobility trends is substantial, given the U.S.'s influential role in shaping immigration patterns. From my perspective, it could significantly alter talent migration flows in favor of the U.S. and may prompt other nations to reevaluate their own immigration and investment strategies. For entrepreneurs, executives and investors, understanding these trends is not just a "nice to have." It is a strategic imperative. Governments are actively choosing which industries to prioritize by directing foreign capital and talent into specific sectors, including sustainability, technology or infrastructure. Business leaders have a role to play in shaping this future. Engaging with policymakers, advocating for investment in key industries and supporting international talent mobility will be essential in ensuring that global mobility programs continue to drive economic growth and foster a spirit of innovation. The future of global mobility is what states make of it. As governments refine their strategies, modernize their systems and adapt to shifting economic realities, staying ahead of these trends will be crucial for those looking to navigate this space effectively. By understanding where investment is flowing, how policies are evolving and where opportunities lie, businesses and investors can position themselves at the forefront of this transformation—driving growth, fostering collaboration and shaping the next era of global human development. Forbes Business Council is the foremost growth and networking organization for business owners and leaders. Do I qualify?
Arabian Business
31-03-2025
- Business
- Arabian Business
‘We welcome competition': Yango eyes Middle East expansion with super-app strategy to challenge Uber, Careem
Auction Expats turn side hustles into serious money as daily car auctions boom across the UAE Automobili Lamborghini Lamborghini's CEO disclosed that 2024 witnessed the first decline in the global high-end luxury market in years, with an estimated 8% slowdown ceasefire Energy infrastructure protected while fighting continues; Putin demands end to Western aid as Zelenskyy seeks seat at negotiating table bilateral cooperation Investments in AI, energy infrastructure and data centres reshape bilateral ties as Sheikh Tahnoun meets Trump during high-level Washington visit bilateral cooperation US President and UAE National Security Adviser discuss strengthening bilateral ties with focus on technological advancement and economic cooperation ceasefire Russian President accepts partial truce halting attacks on energy facilities for 30 days, but refuses to back wider ceasefire proposal BYD Trump's White House photo-op hands final advantage to Chinese brands already dominating the UAE market Dubai Tech firm targets 20x returns on early-stage investments in region's fintech and SaaS startups Desert Rock Saudi Arabia's newest ultra-luxury mountain hideaway attracts international visitors off the beaten path with premium rates and invisible architecture Capital Markets HSBC C-suite and regional exchange leaders reveal market transformation strategy in exclusive Arabian Business interviews High Net Worth Individuals Maldives leasehold market attracts Gulf investors in record numbers despite hefty development costs Donald Trump The Saudi-brokered talks have produced a ceasefire agreement, but analysts warn this reflects Ukraine's diminishing battlefield leverage rather than progress toward lasting peace climate change Fund cites 'mixed progress' on reforms as Egypt faces Red Sea disruptions costing $6bn in Suez Canal revenue while struggling with high debt and fiscal challenges automotive brands This comes months after Carlos Ghosn told Arabian Business that Japanese executives prefer 'weaker companies under their control' – a view seemingly validated by the Honda-Nissan merger collapse ceasefire Russia-Ukraine ceasefire proposal emerges from Saudi talks as Zelenskyy accepts Trump plan and awaits Putin decision Abu Dhabi Investment Group 'Europe has become a less attractive destination for investment,' says the ADIG chief amid capital flight and geopolitical shifts Donald Trump Investors are now focused on Wednesday's inflation report for further clues about the health of the economy High Net Worth Individuals Honeymooners may soon find the Maldives transformed into a lucrative second-home market, thanks to over $3 billion in UAE investments by 2030 economic opportunities HSBC top brass and regional leaders share exclusive insights with Arabian Business on the sidelines of the HSBC MENAT Future Forum Arton Capital Political polarisation in Europe is driving an exodus of German, British and French millionaires to the UAE, says Arton Capital chief antibiotic medicine Popular antibiotic that is used to fight STIs, skin and respiratory infections vanishes from pharmacy shelves as Pfizer works to resolve 'manufacturing' issue beauty and skincare After a 15-year battle with persistent acne, countless medications, and expensive procedures, I've finally discovered a solution that has dramatically transformed my skin – the Bon Charge Red Light Therapy Mask Donald Trump When Zelenskyy asked JD Vance if he had ever visited Ukraine, the US VP responded that he had seen videos and accused the Ukrainian president of taking visitors on 'propaganda tours' Blockchain Data shows that North Korean hackers stole $1.34 billion across 47 incidents last year – a figure now eclipsed by this one breach Industry insiders reveal how early investors could double their money at Wynn Al Marjan Island, while analysts assess whether the Middle East's first casino resort truly offers a 'once-in-a-lifetime' opportunity Citizenship by Investment Monaco and the UAE achieved perfect scores for tax benefits in the residence program rankings, while EU member states dominated in visa-free travel access geopolitics Zelenskyy cancels planned Saudi visit as Ukraine demands security pledges, European leaders seek guarantees divorce Sweeping changes extend child custody to 18 years, reduce divorce waiting periods, and give women more autonomy in marriage decisions – Here's everything you need to know Burj Khalifa The same building recently listed the world's highest residential property, dubbed 'Sky Palace,' for $51 million Red Sea The pre-sales success of the multi-billion riyal development on Shura Island signals strong appetite from wealthy Gulf investors for Saudi Arabia's emerging luxury tourism destinations BNPL Buy now, pay later provider prepares for listing as transaction volumes hit $10 billion annually Dubai Real estate experts warn that smaller landlords might face significant challenges under the new system Boutique Group The company could also be looking to explore opportunities to export its palace-to-hotel conversion expertise to other markets Boutique Group Since 2022, Boutique Group has been tasked with transforming historic Saudi palaces into ultra-luxury hotels M&A activity Saudi Arabia's PIF and UAE sovereign funds, including Mubadala and ADIA, have been central to this growth High Net Worth Individuals The migration wave comes as Britain grapples with multiple challenges, including the planned abolition of non-dom tax status and broader economic uncertainty Abraham Accords Experts weigh prospects for Trump's deal-making approach as allies grapple with controversial Gaza plans and Iran stance AI adoption The breakthrough suggests U.S. sanctions may have accelerated China's push for technological self-reliance, rather than containing its advancement, experts say Blockchain A new report suggests that Europe's crypto extremism problem is growing faster than anyone expected Burj Khalifa The listing comes as Dubai's property market experiences strong growth, particularly in the ultra-luxury segment Careem The move comes as conventional exchange houses increased their fees by 15% last year branded real estate Fashion house partners with Dubai's Samana for ultra-luxury water villas and apartments with nightly rates up to $8,000 diplomacy Rubio faces a complex set of immediate challenges, including implementing the Gaza ceasefire deal, managing escalating tensions with Iran, and attempting to revive the Abraham Accords, experts say Dubizzle Strong investor appetite meets cautious market conditions as UAE prepares for potential landmark listings branded real estate Nightly rates to hit $8,000 at Elie Saab's first Maldives resort, as Dubai developer launches $2.3 million pool apartments with invite-only beach villas launching for sale soon Dubai The UAE has broken into the world's top 10 most powerful passports while establishing itself as a premier destination for global wealth Donald Trump Trump's first day makes Biden's four years look timid Dubai The trend coincides with a sharp decline in British global mobility power, with the UK passport dropping from first place in 2015 to fifth position in 2025 Donald Trump Trump promises 'revolution of common sense' in his second inaugural speech, pledging border crackdowns, major energy policy shifts and sweeping territorial changes for the U.S. – here's everything you need to know Gaza ceasefire Under the first phase of the agreement, 33 Israeli hostages – including all women, children, and men over 50 – will be released in exchange for Palestinian prisoners Gaza ceasefire From Washington to Riyadh, leaders welcome watershed Israel-Hamas ceasefire agreement, as mediators race to halt hostilities before implementing the Gaza deal on Sunday Aviation The Doha-based airline is pushing to complete Starlink installations across its Boeing 777 fleet by Q2 2025, followed by its Airbus A350 aircraft in summer 2025 Artificial intelligence UAE experts warn of mounting burnout as workers face pressure to match AI's machine-like productivity
Al Jazeera
31-03-2025
- Business
- Al Jazeera
Why are so many Americans applying for second passports?
In an era of political volatility and rising global uncertainty, a growing number of Americans are seeking second passports as a safety net against future instability. According to citizenship and residency advisory firms such as Latitude Group and Arton Capital, demand from United States citizens for second passports or long-term residency in other countries – often through investment schemes offered by those countries – has surged dramatically in recent years. The election of Donald Trump as US president appears to have turbocharged that trend. Arton has reported a 400 percent increase in the number of its US clients in the first three months of 2025 compared with the same period in 2024, while Latitude said US applications for second citizenship or residency have risen by 1,000 percent since 2020, right after the COVID pandemic hit and travel restrictions were at their peak. There are no official records of the number of American citizens seeking second passports. However, industry estimates shared with Al Jazeera suggest that of roughly 10,000 global applications for second passports in the past few years, about 4,000 have come from Americans. While the overall number of applications has remained consistent for many years, the proportion of them coming from US applicants has increased significantly since the pandemic. What was once considered the domain of billionaires and business owners is now increasingly attracting professionals and politically concerned citizens seeking a 'Plan B' – an exit route if, as they fear, they find it harder to live in the US. 'It's better to have it and not need it than need it and not have it,' said Christopher Willis, managing partner at the Latitude Group, which helps clients secure second citizenship and residency through investment schemes. These programmes, often called 'golden visas' or 'citizenship-by-investment' schemes, allow individuals to obtain long-term residency or even citizenship in exchange for a financial contribution – usually via real estate investment, a donation to a national development fund or the purchase of government bonds. Investment requirements vary by programme and location, ranging from as little as 10,000 euros ($10,800) to more than one million euros ($1.08m). Not all programmes necessarily lead to full citizenship or a passport, but they do offer the right to residency. Residency-by-investment schemes, such as Portugal's Golden Visa or Greece's equivalent scheme, offer long-term residence and the right to freedom of travel within the EU's Schengen Zone but do not grant citizenship immediately. In Portugal, however, the programme does provide a five-year pathway to citizenship with minimal residency requirements – an average of 14 days every two years. Citizenship-by-investment schemes, offered by Malta and several Caribbean countries, can lead to full passports in as little as 16 months. According to Latitude, 50 percent of its US clients now choose Portugal's Golden Visa as their top pick, followed by Malta (25 percent) and Caribbean nations (15 percent). About 80 percent of those clients say they have no immediate plans to relocate; they simply want the comfort of knowing they have the option to. Most countries that provide citizenship also have options to transfer this to next generations of children, as well as grandchildren. Second passports are now being sought by a much broader range of society than just billionaires and high-net-worth business owners. David Lesperance, a Poland-based international tax and immigration adviser, said his American clients include LGBTQ individuals, major political donors and people concerned by what they perceive as authoritarian trends in US governance. 'I've never been busier,' he told Al Jazeera, adding that people who have never thought about leaving the US are suddenly thinking 'very seriously' about it. Professor Kristin Surak, a political sociologist at the London School of Economics and author of The Golden Passport, said she has seen a rise in the number of what she calls 'Armageddon Americans' – those who feel that the country's direction is so uncertain that a second citizenship is a rational safeguard. Willis said Americans now rank among Latitude's top three client groups, after China and India. Arton Capital also confirmed a sharp uptick from US nationals – including both high-net-worth individuals and professionals who are anxious about the current political climate. The return of Donald Trump to the US presidency in 2025, along with a wave of executive orders targeting civil liberties, immigration protections and minority rights have prompted concern among many groups. 'I got nine applicants in seven days after one of those orders,' Lesperance said, citing a wave of fear among LGBTQ clients, in particular, following a 'gender ideology' executive order that recognised male and female as the only two sexes and reversed several protections for transgender people. Some people, says Lesperance, worry about being added to political watchlists compiled by allies of the president such as Kash Patel, Trump's pick to lead the Federal Bureau of Investigation (FBI). Others, such as supporters of last year's student-led pro-Palestine protests, say they feel increasingly vulnerable amid the Trump administration's attempt to crack down on pro-Palestine activities on US campuses and deport several students involved. Lesperance also points to the rise in frequency of disasters such as the recent California wildfires, mass shootings and deepening ideological divides as additional drivers of anxiety. 'The US is becoming a wildfire zone,' he said. 'Mass shootings, a dramatic increase in … racism. And if you're politically active, it means half the country doesn't like you.' For some families, second citizenship is a financial decision. Some choose real estate investments in Caribbean nations including Grenada and Antigua and Barbuda that come with passports in as little as six months. One of Latitude's clients opted to invest $300,000 in property in Antigua and Barbuda instead of purchasing a vacation home in Florida, gaining a second passport in the process. Global mobility is another appeal. Armand Arton, CEO of Arton Capital, said his clients often combine 'bundle' residencies. For instance, pairing a UAE Golden Visa with a European one to ensure broader travel access. To obtain a Golden Visa in the UAE, individuals typically need to invest about $545,000, either by purchasing real estate or making a deposit in an approved financial institution. Another key factor for some high-net-worth individuals is taxation. The US is one of the only countries in the world that taxes its citizens and permanent residents – also known as green card holders – on their worldwide earnings, regardless of where they are living. This system, known as citizenship-based taxation, means that even Americans living abroad must file US tax returns and may owe taxes on their global income. This system has led some high-net-worth Americans to consider renouncing their US citizenship altogether, and green card holders to relinquish their residency status. While it remains rare for people to take that step, it's becoming a serious consideration for some clients. 'I have had several hundred clients over the decade do this,' Lesperance said. 'We still believe there will be a sharp increase in the numbers of renouncing citizens,' he said, citing economic, political and social uncertainty. Arton, whose clients are mainly high-net-worth individuals, noted that even before the 2024 US election, 53 percent of American millionaires were actively exploring options abroad. Yes. US applications for citizenship by descent – often a more affordable path – have also surged by 500 percent since 2023, with 80 percent targeting Italian ancestry, according to firms facilitating the process. This path is fairly new in the industry but is 'growing so fast', Willis said, especially because it doesn't require any investments to be made. These applications allow individuals to reclaim citizenship in countries where they have ancestral ties. Italy, for instance, allows people to apply if they can prove descent from an Italian citizen, often going back several generations, provided the ancestor did not renounce their own Italian citizenship before their child's birth. Ireland, Poland and Germany have similar laws. Each country has its own rules – Italy places no limit on how far back you can trace your ancestry to claim citizenship, while Ireland typically allows applicants to go back up to three generations. Unlike some investment-based programmes, these citizenships can often be taken up by descendants fairly easily, making them an attractive option for families who can prove descent. Applicants must typically provide birth certificates, marriage certificates as well as other documents including a family tree. Most experts believe the trend is far from peaking. 'Americans are future-proofing their lives,' said Willis. Clients are selling assets, restructuring finances, and making 'bold lifestyle decisions' all to secure a second citizenship. Basil Mohr-Elzeki, managing partner at Henley and Partners, a residence and citizenship-by-investment specialist, said US nationals are also thinking generationally. 'When a citizenship is obtained, it often passes down by descent,' he said. 'That creates a Plan B not just for the client, but for their children and grandchildren.'
