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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.
The wealthy are building these “passport portfolios” — collections of second, and even third or fourth, citizenships — in case they need to flee their home country. Henley & Partners, a law firm that specializes in high-net-worth citizenships, said Americans now outnumber every other nationality when it comes to securing alternative residences or added citizenships.
“The U.S. is still a great country, it’s still an amazing passport,” said Dominic Volek, group head of private clients at Henley & Partners. “But if I’m wealthy, I would like to hedge against levels of volatility and uncertainty. The idea of diversification is well understood by wealthy individuals around what they invest. It makes no sense to have one country of citizenship and residence when I have the ability to actually diversify that aspect of my life as well.”
Examples of second citizenships include billionaire tech investor Peter Thiel acquiring a citizenship card for New Zealand, and former Google CEO Eric Schmidt, who recently applied for citizenship in Cyprus.
According to the CNBC report, Portugal, Malta, Greece, and Italy are the top destinations for supplemental passports among Americans.
One of the ultimate luxuries in the US: getting a second passport. CNBC’s @robtfrank breaks down the trend of wealthy Americans seeking their second, third, or even fourth citizenship. pic.twitter.com/ncEW8DQqGc
— Squawk Box (@SquawkCNBC) April 10, 2024
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