Americans now make up the largest group of applicants for alternative residence and citizenship, comprising 21% of all applications received by Henley & Partners in 2024 for investment migration programs.
This data was revealed in the Henley Passport Index report, which ranks global passports based on the number of destinations their holders can access without requiring a visa.
CEO Juerg Steffen stated that the number of American clients surpasses the combined total of the next four largest nationalities — Turkish, Filipino, Indian, and British.
“Amid unprecedented global instability, wealthy investors and families are adopting a strategy of geopolitical arbitrage. This allows them to secure additional residence or citizenship options, reducing their exposure to jurisdictional risk and capitalizing on varying legal, economic, political, and social conditions across countries to enhance their personal, financial, and lifestyle outcomes,” Steffen explained.
Looking ahead to 2025, Henley & Partners, in collaboration with New World Wealth, projects an even greater wave of migration by high-net-worth individuals. It is anticipated that 142,000 millionaires, each with liquid investable wealth of at least USD 1 million, will relocate in search of new opportunities.
Steffen emphasized, “This will mark the largest documented wealth migration wave ever and underscores the evolving ways affluent individuals are managing risks and seizing opportunities in an increasingly unstable and polarized world.”
Peter Spiro, a leading expert on dual citizenship from Temple University Law School in Philadelphia, weighed in on the issue in the Henley Global Mobility Report 2025 Q1.
He pointed to the rising value of alternative residence and citizenship rights as a form of political risk insurance, particularly given the potential return of former President Donald Trump to office.
“The stakes are higher this time around. During Trump’s first term, there were still legacy political guardrails. Now, many of those have been dismantled. There’s a perception that whatever Trump desires, he will achieve, leading to political uncertainty. Americans can no longer take stability for granted,” Spiro noted.
He also highlighted the likelihood of Trump reinstating the controversial travel ban, first implemented shortly after his inauguration.
The ban had restricted nationals from certain countries from obtaining permanent U.S. residency or various temporary visas.
However, it did not apply to dual citizens of targeted nations if they also held citizenship from non-targeted countries, making dual citizenship particularly valuable.
