On November 5, 2024, the United States held its elections, and the world saw former Republican President Donald Trump, who was seeking a non-consecutive second term, defeat the incumbent Democratic Vice President Kamala Harris. Following this development, the political climate in America is more charged than ever.
Speculation surrounding the policies that will be introduced by president-elect Trump, known to be a polarising figure, has added to the uncertainty, prompting many Americans to reevaluate their personal and professional futures. For some, this means exploring opportunities beyond the U.S. borders.
According to Business Insider, merely days after the election results, Google searches in the US for dual citizenship hit a five-year high and NBC New York noted that advisors say “phones are ringing off the hook” as their U.S. clients show increased interest in dual citizenship. Immigration investment companies in the US reported five times the typical daily inquiry volume, jumping from the usual 20 inquiries a day to 110 to 120, with most coming from Democratic stronghold states.
Immigration attorneys noted that the top five states with the highest interest in dual citizenship are Washington, Colorado, Pennslyvania, New York and Massachusetts. The inquiries in Washington were up nearly 200%, and requests in New York were over 80%. Other companies reporting increasing inquiries from Florida, all with growing interest in a second passport in liberal Europe. The interest in inquiries have already exceeded the 2023 total by 7%.
Catalysts for this broader trend
The growing traction of “Plan B” among those concerned about the country’s trajectory have been notable, even outside the recent elections. Reports noted that since 2019, U.S. inquiries have risen 500%. Between 2005 and 2009, less than 2,500 Americans gave up their citizenship, while data from the U.S. Treasury (via the Federal Register) shows the number was a staggering 33,000 from 2016 to 2023.
Several reasons have these trends. One is the Foreign Account Tax Compliance Act (FATCA), which was introduced by Obama in 2010 but fully implemented during this time 2016-2023 has prompted HNWIs to consider their options. Additionally, Trump administration (2017–2021), strict immigration policies, including travel bans targeting several predominantly Muslim countries and increased difficulties for dual citizens, created significant challenges.
A particularly significant catalyst for Americans looking for Dual Citizenship is Covid. Even though a US passport continues to afford its holders tremendous global mobility privileges, the pandemic showed that even premium passports do not guarantee unhindered access to desirable destinations, which spurred an interest in looking for alternatives.
Wealth protection and global mobility
For the estimated 5.5 million Americans with liquid investable wealth over USD 1 million, citizenship or residency by investment is not only a means for wealth protection but also a critical part of portfolio diversification. The concern is especially notable among HNWIs in America, with immigration attorneys reporting an unprecedented surge in applications for foreign residency rights, who are concerned about the stability regardless of the outcome. Reports pointed out that 53% of American millionaires say they are more likely to leave the US after the election, with the trend highlighted among young millionaires, 64% between 18 and 29, noting strong interest in residency by investment programmes. Meanwhile, some on the other side of the political spectrum see taxes and other government regulations as a reason to want out.
Aside from financial security, those opting for the programme can greatly benefit from further global mobility by providing access to visa-free or visa-on-arrival travel to hundreds of countries, simplifying business trips or vacations, regardless of shifting political sentiments towards the United States. This allows them to maintain personal autonomy and ensure mobility in a world where borders and immigration policies are becoming more restrictive. This is particularly critical in view of Trump’s leadership, where immigration control is expected to be a central focus, and proposed policies aimed at reducing undocumented immigration and bolstering border security. While these measures have garnered support from some Americans, others are increasingly concerned about safeguarding their freedom to travel and reside abroad.
Planning for future generations
With the inauguration of President-Elect Trump, scheduled for January 20, 2025. Unsurprisingly, Americans are exploring a “Plan B”, ensuring they have the flexibility to make life choices independent of the political landscape. Countries like Malta, St. Kitts and Nevis, and Portugal have become popular destinations for second citizenship seekers. These nations offer structured investment programs that allow individuals to gain citizenship or residency through real estate purchases, government contributions, or business ventures. With debates over healthcare, taxes, and social policies dominating the national discourse, securing an option outside the U.S. has become an appealing safety net.
This increased interest in dual citizenship is also coming at a time when the American expatriate community is already substantial. According to the Association of Americans Resident Overseas (AARO), approximately 5.5 million Americans currently live abroad — enough to constitute the 23rd most populous U.S. state if gathered in one place. The largest populations are found in Mexico (1.18 million), Canada (1.05 million), the United Kingdom (325,000), Israel (281,000), and Germany (239,000).
Get the right partners
With the political landscape in flux, there has never been a better time to consider a second citizenship. The peace of mind, global opportunities, and enhanced quality of life can be invaluable for those seeking stability in an unpredictable world.
For more information on how Citizenship Invest can help you craft your “Plan B,” contact us today. Our team of experts specialises in guiding individuals through the citizenship-by-investment process, ensuring a seamless transition to new opportunities and horizons.
