The second passport surge: Why even the most powerful citizens want a backup plan

Passoports News | 14th May 2025

Second passports were once considered tools for those in politically or economically unstable nations. But today, the tides have shifted, and high-net-worth individuals (HNWIs) from some of the world’s most powerful and developed countries, including the United States, the United Kingdom, and Canada, are increasingly applying for second citizenships and residencies.

Elite movement in numbers

Data has confirmed this growing sentiment among the elite. A 2025 survey of Canadian millionaires reveals an ever-increasing desire to leave the country, with 28% more likely to emigrate than during the last federal election. The shift is primarily driven by concerns over declining quality of life (56%) and a negative economic outlook (45%).

In 2024, the UK was projected to lose a record 9,500 millionaires, more than doubling 2023 figures. The UK has also seen a net outflow of 16,500 millionaires since 2017, making it the second-largest loser of HNWIs in 2024 after China.

Americans have become the leading nationality applying for investment migration programmes. A report highlighted applications rising by up to 1,000% since 2020, with a 400% increase in Q1 2025 alone. This reflects growing concerns about the country’s economic and political future.

What’s driving the elite to seek new passports?

Values alignment, protection against market volatility and personal safety

Political uncertainty, economic instability, and personal safety concerns are major motivators. Executive orders affecting transgender rights and immigration protections have alarmed vulnerable groups. Meanwhile, fears of recession, inflation, and market volatility push many to seek financial security abroad.

Tax optimisation and reshaping wealth strategies

Golden Visa programmes provide tools for tax optimisation and wealth protection. Caribbean CBI countries offer no tax on foreign income, capital gains, or inheritance. Portugal, Greece, and Malta offer advanced schemes for financial privacy and global market access.

Seamless travel and stronger international presence

While U.S., Canadian, and EU passports are strong, they don’t always guarantee seamless access. A second passport can reduce visa processing time and improve mobility for business, education, or family needs.

Greater access to healthcare and education for the family

Second passports open access to quality education and healthcare worldwide. Families prioritise stability and infrastructure, often more than tax benefits, ensuring a secure future for their loved ones.

As global uncertainty grows, second citizenship and residency become strategic necessities. For affluent families, it’s a vital safety net that offers access to legal, financial, and healthcare systems abroad.

To explore the best options for your family, contact Passoports today.