Wealthy Americans Are Getting Second Passports at Record Rates, According to a New Report New data from law firm Henley & Partners found that Americans outnumber all other countries for having secondary citizenship.
By Emily Rella
Opinions expressed by BIZ Experiences contributors are their own.
With political and economic tensions rising in the U.S. and volatility continuing around the globe, some of the wealthiest Americans are looking for a backup plan.
But it's not just building bunkers or stocking up on jets — they're doing that too — but the ultra-wealthy are getting a second passport to other countries.
New data from citizenship specialist law firm Henley & Partners found the U.S. now outnumbers all other nationalities for having secondary citizenship.
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The law firm refers to these individuals as building "passport portfolios" to multiple countries for a myriad of reasons.
The most popular destinations for U.S. citizens to add citizenship are Portugal, Malta, Greece, and Italy.
"With Malta, you become a European citizen, with complete settlement rights across Europe," Dominic Volek, group head of private clients at Henley & Partners told CNBC. "So you can live in Germany, your kids can go and study in France and you have the right to live, work and study throughout Europe."
Other benefits include less conspicuous travel when going overseas for business (a U.S. passport could potentially make a business leader or high net-worth individual a target) and the ability to establish residency overseas through certain countries that have "golden visa programs" (like Portugal).
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"We all live in uncertain times, not just in the U.S., but in all nations globally," Volek said. "Who knows what's going to happen next. It's really about having not only a Plan B but Plan C and D in place as well."
Per Henley & Partners' passport index rankings, the U.S. passport is currently tied for seventh with Canada and Lithuania, with Americans being able to access 188 countries visa-free.
