Wealthy individuals are acquiring multiple citizenships as a precautionary measure in case they need to leave their home country. High-profile figures like Peter Thiel and Eric Schmidt have obtained second citizenships. Americans are particularly interested in Portugal, Malta, Greece, and Italy as their top choices for supplemental passports.
The wealthy are building" passport portfolios " — collections of second, and even third or fourth, citizenships — in case they need to flee their home country.
A version of this article first appeared in CNBC's Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer.Wealthy U.S. families are increasingly applying for second citizenships and national residences as a way to hedge their financial risk, according to a leading law firm.
Of course, the wealthy aren't packing up en masse and ditching their American citizenship. While a relatively small number of Americans do renounce their citizenship every year to declare a new home country, mainly due to tax-filing requirements, the so-called"exit tax" required to renounce citizenship makes it financially prohibitive for most except the ultra-wealthy to simply renounce and declare a new citizenship.
There are three main reasons for the rise of American passport portfolios, or"domicile diversification." An alternative passport makes travel easier for Americans venturing to parts of the world that are less friendly to the U.S. Using a secondary passport can also help cross-border financial transfers or deals within the new country.
Wealthy Passport Portfolios Citizenship Security Second Citizenship High-Net-Worth Individuals Portugal Malta Greece Italy
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