America has been the land of opportunities and many people around the world dream of having an American passport.
But it's surprising that many rich Americans are seeking passports from other countries. This trend mainly involves wealthy business people who have a lot of money and want a second citizenship to escape potential problems. They're worried about things going wrong in the USA, so they're applying for citizenship in other places as a safety net.
A big law firm says that rich American families are increasingly doing this. They're collecting multiple citizenships, just in case they need to leave America in a hurry.
Some famous examples include a billionaire investor getting citizenship in New Zealand and a former Google CEO applying for citizenship in Cyprus.
But most rich Americans are not giving up their USA citizenship completely. Instead of that they're looking for programs in other countries where they can get a visa or citizenship as a backup plan.
Portugal, Malta, Greece, and Italy are popular choices right now. These countries offer programs where one can invest money and get residency or citizenship in return.
There are a few reasons why rich Americans are doing this. One reason is that having a second passport can make traveling easier especially to countries that aren't friendly to the USA. Some say that it is only a privilege they are buying, stating the families those hold multiple citizenships are perceived to be richer.
Others are saying that they got bored with living in single nation and so wishing to relocate for a change if needed. Plus, some just want a backup plan in case things get rough in the USA or for lifestyle reasons.
On a whole, USA's rich citizens are on a backup plan and being prepared for the uncertainty of the future.