A new report from CNBC shows wealthy Americans have a new must-have for their collections: passports from other countries.
While the reasons for doing so vary — from potential retirement plans to the ability to work remotely — it’s becoming more common for the wealthy to apply for a backup passport, or even a “third or fourth” from another country for their “passport portfolio,” as a “hedge against financial instability” in this country.
In fact, Henley & Partners, a law firm specializing in smoothing the process for high-wealth clients, says, “Americans now outnumber every other nationality when it comes to securing alternative residences or added citizenships,” per CNBC.
“The U.S. is still a great country, it’s still an amazing passport. But if I’m wealthy, I would like to hedge against levels of volatility and uncertainty,” says the firm’s Dominic Volek.
According to the firm, Portugal, Malta, Greece and Italy are the top destinations to pad these portfolios.
As Volek explains, Malta offers a Golden Visa for 300,000 euros invested in real estate, which makes it “especially popular with Americans” because “with Malta you become a European citizen, with complete settlement rights across Europe. So you can live in Germany, your kids can go and study in France and you have the right to live, work and study throughout Europe.”
Must be nice.