Geopolitical Arbitrage: Americans flocking to get second citizenship

[A USA Passport On A Laptop Indoors]
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U.S. citizens are increasingly hedging against global risk by applying for golden visas — investment migration programs offered by other nations.

Migration consultancy Henley & Partners says a decline in U.S. passport power is fueling an unprecedented surge in demand for alternative residence and citizenship options.

At the end of Q3, “applications from U.S. nationals were already 67% higher than the total for 2024, which itself recorded a 60% year-on-year increase,” Henley said. Among the firm’s clients, Americans now outnumber the next four nationalities — Turkish, Indian, Chinese, and British — combined.

“Faced with unprecedented volatility, investors and wealthy American families are adopting a strategy of GEOPOLITICAL ARBITRAGE to acquire additional residence and citizenship options,” said Dominic Volek, Henley’s Group Head of Private Clients. “They are hedging against jurisdictional risk and leveraging differences across countries to optimize personal, financial, and lifestyle outcomes.”

“In the coming years, more Americans will be acquiring additional citizenships in whatever way they can,” said Peter J. Spiro, a Temple Law professor specializing in immigration. “Multiple citizenship is being normalized in American society. While it may be a bit of an exaggeration, as one social media poster recently put it, ‘dual citizenship is the new American dream.’"

PASSPORT RANKINGS

For the first time in the 20-year history of the Henley Passport Index [https://www.henleyglobal.com/passport-index/ranking], the United States passport is no longer ranked among the Top 10 most powerful. Once holding the top spot in 2014, the American passport has fallen to 12th place, offering visa-free access to 180 out of 227 destinations.

This places it behind the Asian trifecta of Singapore, South Korea, and Japan, which hold the top three positions with access to 193, 190, and 189 destinations, respectively. The United Kingdom's passport has also seen a decline, dropping to its lowest-ever position at 8th place.

In contrast, China has been one of the biggest climbers on the index over the past decade, moving from 94th place in 2015 to 64th in 2025, increasing its visa-free access by 37 destinations. China has also improved its openness, now granting visa-free entry to 76 nations, which is 30 more than the U.S.

Dr. Tim Klatte of Grant Thornton China noted the geopolitical implications, suggesting that potential U.S. trade conflicts could weaken its mobility while "China’s strategic openness boosts its global influence."

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