USA Surge for Second Citizenship

Historically, a surge for second residency or citizenship through investment from any given country increases during times of turmoil; a reoccurring pattern we often see when geopolitical issues unfold throughout the globe. In the last few years we have experienced an increase in demand from nations such as Hong Kong, Turkey and Iran as a result of periods of civil unrest. Situations and events from which we would expect a surge in interest. But now the USA has not only joined that group but is leading the way in an exodus of citizens looking for alternatives to their US residency and citizenship. So what has caused the sudden surge and where is the interest?

Enquiries from US Citizens have grown steadily in recent years, particularly since President Trump and his controversial policies came into office in 2017. The USA has been the worst-hit country in the world by Coronavirus, with more than 150,000 fatalities so far. Then, mid pandemic, tensions grew high, with protests and riots taking place nationwide in the fight against racism, triggered by the brutal murder of George Floyd on 25th May. With the country in crisis and the November presidential elections looming, a sense of fear and uncertainty is driving a new influx of enquiries from American citizens looking for a Plan B. A recent article by Forbes referencing back to this website entitled “Want to Escape from America” has received over one million views.

According to a recent survey, 31% of the American participants claimed they were considering relocating should their preferred political candidate not be elected in November. Interestingly, most of these were supporters of the Democratic Party, Trump’s opposition.

where are Americans Investing?

Caribbean Islands, such as St Kitts and Nevis, Grenada and Antigua have been popular choices amongst American investors. Their low investment thresholds, visa-free offerings and fast processing times make them attractive to many,  not to mention the fact that they are geographically the closest countries to the USA offering Citizenship by Investment programmes. Options start from $100,000 + fees for single applicants and $150,000 + for families of four.

In Europe, we have assisted many US citizens to gain residency in countries such as Portugal (from $350,000) and Greece (from $250,000) by investing in qualifying real estate. For High Net Worth individuals looking for a fast EU Citizenship solution, Cyprus has proven to be very popular. By Investing €2,000,000 + fees in Cyprus, one can gain a Cypriot passport in six months, allowing the holder to live, travel and work anywhere within the European Union.

And of course a second residency or citizenship doesn’t necessarily mean moving or even given up your US citizenship. As a typical process could take six months or more it is there when needed as a Plan B and something that needs to be prepared well in advance.

For Americans and any other nationality it is of course important to get the right advice on the options available for such an important move. To find out more about your options, please contact our specialist consultants.