Why the wealthy want a second citizenship in 2025

The wealthy are increasingly acquiring a second citizenship - and sometimes a third or even a fourth. Why?

1. They understand perfectly well that any instability back home could cost them everything. A second citizenship reduces financial risk and provides a fallback - a place they can always relocate to.
2. Affluent people grasp the value of diversifying where they invest. There is little sense in living in a single country when life can be made far more varied. An alternative passport also eases travel to states that have imposed sanctions on Russia.
3. Another driver is business travel: senior executives want to keep a lower profile and feel more secure. A second passport also smooths cross-border transfers - especially under sanctions - and deals within the new country.
4. Some prefer the option of retiring to a backup residence closer to the ocean and a milder climate.
5. Many now obtain a second passport for political reasons. We live in an age of change, so it pays to have not only a plan B, but a plan C and a plan D as well.

The most popular destinations for a second passport are Portugal, Malta, Paraguay, Greece, Germany and Italy. In these countries, wealthy émigrés most often turn to a Golden Visa programme, which grants residency in exchange for investment in funds, real estate or the local economy.

Paraguay: one of the most rewarding citizenships by investment

Strategically located and open to the world, Paraguay is a genuine land of opportunity. Citizenship by investment gives foreigners and their families the rare chance to obtain permanent residency for an investment from 70,000 US dollars, then a passport no earlier than three years of living in the country as a permanent resident, and enjoy all its advantages: visa-free travel to 145 countries, including the Schengen Area, the United Kingdom and Singapore; eligibility for the US E-2 visa; tax optimisation at a 10% rate; and life in a country with a high standard of living and a favourable climate.

What changed in 2025-2026

• Malta. On 29 April 2025 the EU Court ruled the sale of citizenship contrary to EU law, and the investment programme is closed. See Malta citizenship.
• Spain abolished investment residence on 3 April 2025. Portugal had already excluded property, leaving fund investments. Greece raised the threshold to €400,000 and €800,000 for most properties.
• Caribbean states agreed a $200,000 minimum price for citizenship and introduced interviews. These programmes are closed to Russian and Belarusian nationals.
• Vanuatu lost visa-free access to Schengen and the UK, but the programme runs and accepts Russian nationals.
• Germany abolished fast-track citizenship after 3 years in 2025; the 5-year period remains.

So the list of popular countries in the article above looks different today: some routes are closed, others have become more expensive.

Which routes work in 2026

Fast investment programmes give a passport in months but weaker visa-free travel. The residence route is longer but gives citizenship of a country you can live in.

What a second passport gives and what it doesn't

• It gives the right to enter and live in the country, visa-free travel under its agreements, the ability to open accounts and do business as a citizen, and citizenship for children.
• It does not change tax residence. Tax is paid where you spend most of your time or have your centre of interests. The exception is the US, which taxes its citizens wherever they live.
• It does not lift restrictions tied to your first citizenship. Banks and payment systems ask about all citizenships and countries of residence, so a new passport does not hide the old one.
• It requires notification. Russian citizens must inform the Interior Ministry of a second citizenship within 60 days.

How to choose a country

What it really costs

The minimum investment is not the whole budget. Add due diligence, $7,500-10,000 for the main applicant in the Caribbean, government fees per family member, translations and apostille, and for property the purchase taxes and holding period: in Turkey the property cannot be sold for 3 years. In Vanuatu a family of four pays from $180,000. So compare countries by the total for the whole family, not the advertised figure.

Why applications are refused

• the source of funds for the full investment is not proven;
• citizenship or residence in a country the programme is closed to;
• concealed visa refusals, criminal records, sanctions;
• for residence routes, not enough days spent in the country.

What we do

We clarify the goal of a second passport, choose the country and route for your budget, citizenship and family, check for restrictions, prepare source-of-funds documents and support you through to the passport. We also calculate taxes so the new status creates no tax risks. We fix our fee in writing after a free consultation.

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