On November 5, 2024, the United States held its elections. 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 surrounds the policies that will be introduced by president-elect Trump, known to be a polarising figure. That has added to the uncertainty. Many Americans are reevaluating 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. 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. Volume jumped from the usual 20 inquiries a day to 110 to 120. Most came from Democratic stronghold states.
Immigration attorneys noted the top five states with the highest interest in dual citizenship. They are Washington, Colorado, Pennslyvania, New York and Massachusetts. The inquiries in Washington were up nearly 200%. Requests in New York were over 80%. Other companies report increasing inquiries from Florida. Interest is growing in a second passport in liberal Europe. Interest in inquiries has already exceeded the 2023 total by 7%.
The growing traction of “Plan B” among those concerned about the country’s trajectory has 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. Data from the U.S. Treasury (via the Federal Register) shows the number was a staggering 33,000 from 2016 to 2023.
Several reasons drive these trends. One is the Foreign Account Tax Compliance Act (FATCA). It was introduced by Obama in 2010 but fully implemented during 2016-2023. That has prompted HNWIs to consider their options. Additionally, during the Trump administration (2017–2021), strict immigration policies created significant challenges. Those included travel bans targeting several predominantly Muslim countries. Dual citizens also faced increased difficulties.
A particularly significant catalyst for Americans looking for Dual Citizenship is Covid. A US passport continues to afford its holders tremendous global mobility privileges. Still, the pandemic showed that even premium passports do not guarantee unhindered access to desirable destinations. That spurred interest in looking for alternatives.
About 5.5 million Americans have liquid investable wealth over USD 1 million. For them, citizenship or residency by investment is not only a means for wealth protection. It is also a critical part of portfolio diversification. The concern is especially notable among HNWIs in America. Immigration attorneys report an unprecedented surge in applications for foreign residency rights. Many are concerned about 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. The trend is highlighted among young millionaires. Some 64% between 18 and 29 note 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. Programs can provide access to visa-free or visa-on-arrival travel to hundreds of countries. That simplifies business trips or vacations, regardless of shifting political sentiments towards the United States. This allows them to maintain personal autonomy. It also helps ensure mobility in a world where borders and immigration policies are becoming more restrictive. This is particularly critical in view of Trump’s leadership. Immigration control is expected to be a central focus. Proposed policies aim 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.
With the inauguration of President-Elect Trump scheduled for January 20, 2025, Americans are exploring a “Plan B”. Unsurprisingly, they want 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. Individuals can gain citizenship or residency through real estate purchases, government contributions, or business ventures. Debates over healthcare, taxes, and social policies dominate 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. That is 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).
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. We aim to ensure a seamless transition to new opportunities and horizons.
