Second Citizenships And Golden Passports: Do You Have A Backup Plan?

An increasing number of wealthy Americans are seeking second citizenships for themselves and their families. They’re motivated by a mix of rational risk management, shadowy survivalism and a desire to escape what they fear will be confiscatory taxes on the wealthy. Whether they call it an “exit plan” or “backup plan,” wealthy Americans are dropping impressive amounts of money to secure a guaranteed path out of the U.S. for themselves and their families should the need arise.

The global COVID-19 pandemic catalyzed a surge of interest in second citizenships. Americans who thought they could flee from the virus by traveling to their refuge properties in, say, New Zealand, got a rude wake-up call when the pandemic hit. New Zealand, like many other countries, promptly closed their borders to nonresidents.

Hence the increasing interest in the benefits of a “golden passport,” a non-U.S. passport acquired either through a citizenship by descent or citizenship by investment (CBI) program. When the time comes, a golden passport ensures passport holders can enter freely and without visas into the country issuing the passport.

Citizenship By Descent

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