- A record number of wealthy Americans are inquiring about citizenship abroad, according to an investment immigration consultancy.
- Portugal’s Golden Visa program is the most popular option among Americans, according to Henry & Partners.
- Such a system would provide the “ultimate insurance” against economic and political turmoil, the newspaper said.
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An investment immigration consultancy says record numbers of wealthy Americans are looking for ways to obtain overseas residency or additional citizenship.
Mehdi Kadiri, head of North America at Henley & Partners, said in a company statement. 2024 US Wealth Report In 2023, more Americans inquired about residency and citizenship through investments than in any other year, surpassing the record set in 2022.
Henley & Partners also said that more U.S. citizens applied for residency and citizenship through the investment program than from any other nationality.
Dominik Volek, the company’s head of private clients, said alternative citizenship and residency rights are the “ultimate insurance” against economic and political uncertainty.
The most popular route for Henley & Partners’ US clients is the Portugal Golden Residence Permit Program, a residence-by-investment program for non-EU nationals known as the Golden Visa. This will allow investors to live and work in Portugal and travel visa-free to the Schengen area across the EU by remitting at least 500,000 euros ($542,000) to eligible investment funds. .
Programs offered by Malta, Spain, Greece and Italy are also high on the list for U.S. citizens, according to Henley & Partners.
The program allows wealthy Americans to live in the United States as their primary residence, but can relocate “at any time,” the report said.
Henley & Partners said reasons why Americans seek to immigrate through investment include reducing political risk, ensuring a safety net in times of international conflict, creating business opportunities abroad and reducing taxes. .
“At a time when political divisions and social tensions are at an all-time high, U.S. investors, entrepreneurs, and wealthy families are increasingly shunning risks and pursuing back-up citizenship or overseas residency, with prospects for domestic prospects increasing. “This shows a decline in trust in the country,” Qadiri said in the report.
“We expect similar strong demand in 2024 as more wealthy individuals across the political spectrum seek to hedge against uncertainty,” Kadiri said.