Wealthy Americans Are Obtaining Second Passports as a Backup Plan. These Are the Nations That They Have Selected!

People in the United States are tense due to a slight sociopolitical unrest that may be retribution for the country’s past meddling in the affairs of other nations.

While some Americans lack the resources to construct an escape strategy, those who are fortunate do. They have begun to get second passports to other nations using programs known as “golden visas,” which enable prospective residents to become citizens by making investments.

If they have to flee, these are some of the top nations they’re considering.

Portugal

Executives from the citizenship trading company Henley & Partners recently told Business Insider that Portugal is one of the most popular places for Americans looking to obtain a second passport.

According to Henley & Partners, Americans can apply for Portugal’s golden visa program and become residents after five years.

The Portuguese government is aware of the increasing demand for their passports, nevertheless. According to Reuters, the government has tightened regulations on the Golden Visa Program and eliminated the possibility that acquiring real estate in Portugal may lead to citizenship. Prospective citizens can still benefit from the scheme by making additional investments in the nation.

Malta

Another popular destination for affluent Americans is Malta. They are able to get residence by means of a mixed-capital investment, which might include both financial and real estate investments.

According to Henley & Partners, the residency program in Malta provides months-long visa-free access to most of Europe, along with the opportunity to settle in Malta forever.

Dominic Volek of Henley & Partners previously told BI that although the firm’s customers don’t often go overseas, they do take solace in the knowledge that it is a possibility.

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Greece

Another popular travel destination for affluent Americans is Greece, which is also raising the cost of its golden visa.

According to Reuters, government representatives declared in February that they would increase the investment cost for its most sought-after islands to 800,000 euros, or around $859,308.

The country has already increased the minimum property investment requirement for popular tourist destinations, including Athens, Mykonos, and Santorini, from 250,000 euros to 500,000 euros in 2023, according to Reuters.

Italy

A few Americans who are looking for a second passport have found Italy’s residence program. Henley & Partners states that the program necessitates a “significant contribution to the country’s economy.”

Investors need to be prepared to pay anything from 250,000 to 2 million euros (or up to $2,148,560) in order to get the right to live and work in Italy.

New Zealand

A few extremely wealthy people, including software tycoon Peter Thiel, have their sights set on New Zealand, according to CNBC.

Although New Zealand is among the top 10 nations in the world, according to Henley & Partners, for a second passport, the cost of such a document is high.

As for the cost, prospective inhabitants should budget between $5 million and $15 million NZD, or $2,987,275 and $8,961,825.

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