ToplineUber-rich Americans are collecting multiple residencies and citizenships for the same reason they diversify their stock portfolios—to hedge against risk in an unpredictable world, investment migration experts tell Forbes.Wealthy Americans are collecting passports as a way to reduce risk in an unpredictable world. gettyKey FactsThe U.S. has replaced China as the largest market for clients seeking secondary or tertiary citizenships, Eric Major, CEO and chairman of the investment migration advisory firm Latitude World, told Forbes.More than six in 10 Americans (61%) earning over $200,000 annually are considering moving to another country within five years, according to a study to be released next month from Apex Capital Partners, an advisory firm that helps people secure foreign residency and citizenship.“The rate of growth of interest from Americans is skyrocketing,” Nuri Katz, president of Apex Capital Partners told Forbes, noting the survey asked respondents if they were left- or right-leaning “and it was 50-50.”Henley & Partners reported inquiries from U.S. nationals seeking alternative residence or citizenship increased 183% year-over-year in the first quarter of 2025, after President Trump was elected to a second term.The number of Americans applying for citizenship through ancestry in Europe and Canada has also risen significantly.Crucial Quote“Americans have gone from 4% to 74% of my business” since 2019, Latitude World’s Major told Forbes.Surprising FactFor the first time since the Great Depression, more people left the U.S. than moved there in 2025, The Wall Street Journal reported. While the Trump administration hails negative net migration as a success story of deportations and restrictive visas, America’s own citizens are also leaving in record numbers.Why Are Wealthy Americans Seeking Second And Third Citizenships?“My clients tell me, ‘I want a combo. I want two citizenships and a green card’,” Major told Forbes. Katz said he has clients who collect them “like stamps, because that’s what they’re into, instead of buying Rolexes or Lamborghinis.” Wealthy Americans see citizenship diversification as a hedge against financial and geopolitical risks after the tumultuous last decade. “Americans now get it, that you’re exposed with just one citizenship,” Major said, noting that clients’ motivations range from concerns over security and freedom of movement to lifestyle preferences. In the Apex Capital Partners study, respondents cited cost of living (68%) and the political climate (54%) as top reasons for thinking about leaving the U.S. “People on the left are scared Trump might run for a third term … and people on the right are afraid of somebody like a Mamdani coming in and starting to nationalize things—and so everyone's worried,” Katz told Forbes.New Zealand A Great Choice ‘if World War Iii Was To Break Out’For ultra-high-net-worth American clients with about $100 million in investable assets, New Zealand has become a popular choice, Major told Forbes. “English speaking, other side of the world. If World War III was to break out, it’s a pretty good place to be hanging out,” he said. “But it’s not cheap. The entry point to a green card is $5 million New Zealand—that’s about $3 million U.S.—and it’s an investment, not a donation.” No. 8 on Henley & Partner’s Global Residence Program Index, New Zealand gets top marks for reputation and quality of life. Katz has seen less interest from clients in New Zealand, noting the price tag “knocks out a majority of potential buyers.” Europe Is Hot, But Getting Harder To Acquire Citizenship Ultra-wealthy Americans are “very much interested in Europe—but for citizenship, not residency,” Major said, noting citizenship in one country gives frictionless mobility in 29 European countries in the Schengen area. But the path into Europe has become harder in recent years due to changes to several popular programs. Two years ago, Greece’s “golden visa” program—which delivers permanent residency but not citizenship—raised its minimum investment threshold from €250,000 ($290,000 US) to as much as €800,000 ($928,000 US) in the country’s hottest markets. In April 2025, Spain ended its golden visa program after residents complained the high influx of foreigners was driving up housing prices. Last month, Portugal doubled the residency requirement before applying for citizenship from five years to 10 years. And after last year’s landmark European Court of Justice ruling dismantled Malta’s popular citizenship-by-investment model, the country shifted toward a narrower and more subjective “citizenship by merit” framework where applicants are required to make exceptional contributions other than direct financial investments. Even with the stricter rules, Malta remains a popular choice for his clients, Major noted: “We’ll probably do 50 of these this year.” The United Kingdom, which is no longer part of the European Union, saw a surge of citizenship applications from Americans in the months immediately after Trump was re-elected, The Guardian reported.The Caribbean Is The Fastest, Cheapest OptionThe Organisation of Eastern Caribbean States is “sort of like the E.U. of the Eastern Caribbean, where if you’re a citizen of one of seven countries, you have the right to live and work in the others,” Katz told Forbes, adding that nabbing such a citizenship is generally both cheaper and faster than applying in other parts of the world. Americans can buy a Caribbean citizenship for roughly $250,000, with processing times of between four to six months.Easiest And Cheapest Route To Citizenship Is Through AncestryAmericans whose family trees have roots in other countries are “grabbing citizenship by descent into Canada and into Europe,” Major told Forbes, noting his firm always advises exploring this option first. The number of Americans seeking Irish citizenship through ancestry—a route for people with Irish parents or grandparents—jumped 63% last year. And after Canada removed generational limits for those seeking dual citizenship, more Americans have reportedly applied for Canadian citizenship than the next nine source countries combined.Meanwhile: The Trump Gold Card Has Been A FlopSoon after President Trump began his second term, his administration began hyping the Trump Gold Card, a new visa promising wealthy foreigners a fast-track to U.S. residency along with an abatement to avoid paying U.S. taxes on foreign income. When the program was announced, President Trump boasted the country would sell one million Trump Gold Card visas at $5 million apiece. Weeks later, Commerce Secretary Howard Lutnick claimed he sold 1,000 of the visas in a single day on a trip to the Middle East. But it soon became clear the Trump administration had vastly overestimated the market. “The pool of global UHNWIs (ultra-high-net-worth individuals) able—and willing—to contribute USD $5 million outright is relatively small, especially when compared to residence by investment alternatives that are investment-based rather than donation-based,” Henley & Partners told Forbes at the time. By September, the U.S. government had slashed the price of a Trump Gold Card by 80% to $1 million and eliminated the tax abatement. In February, a White House spokesman told The Wall Street Journal that Trump administration policies were attracting “countless ultra-high net worth foreigners” who were “shelling out $1 million for a Gold Card to come settle in the United States.” But two months later, only one Gold Card visa had been approved. “Bumping the price down to $1 million was huge, but it's still not working,” Katz told Forbes. TangentBernie Moreno, R-Ohio, introduced legislation in December to eliminate dual citizenship and require Americans to “owe sole and exclusive allegiance to the United States.”Further ReadingTrump’s ‘Gold Card’ Visa Flops? Only One Approved So Far. (Forbes)U.S. Passport Returns To 10 Most Powerful—Despite Drop In Visa-Free Access (Forbes)