American Interest in ‘Golden Visas’ Surges as Wealthy Families Seek Global Mobility

Interest among wealthy Americans in overseas residency and citizenship-by-investment programs has increased sharply in recent years, as internationally mobile families look for additional options to live, invest, retire or conduct business abroad.

Industry data from investment-migration advisory firm Henley & Partners provides one of the clearest indications of the trend. The company says the number of its U.S. clients increased by more than 1,000% between 2019 and 2024. Americans also accounted for 23% of all investment-migration applications processed by Henley & Partners in 2024 — nearly as many as applicants from the next four largest nationality groups, India, Türkiye, the Philippines and the United Kingdom, combined.

The numbers represent Henley & Partners’ own clients rather than all investment-migration applicants worldwide, but they point to a significant increase in American interest in obtaining residence or citizenship options outside the United States.

What Is a ‘Golden Visa’?

The term golden visa is commonly used for programs that offer qualifying foreign investors a route to legal residence after making an approved investment. Depending on the country, qualifying investments may include business investments, investment funds, government-approved projects, job creation or real estate. These programs generally provide residency rather than immediate citizenship. Requirements for permanent residence or eventual citizenship vary considerably by country. For wealthy families, a second residence can provide greater flexibility for international travel, retirement, education, business expansion and long-term family planning.

Americans Emerging as a Major Applicant Group

Investment-migration programs were historically associated heavily with wealthy applicants from emerging economies seeking greater international mobility.

The Henley figures show that Americans have now become a major part of the market. According to the company’s 2025 Investment Migration Programs Report, it received inquiries from more than 180 countries during 2024 and onboarded clients representing 94 nationalities. U.S. nationals were the largest group among applications the firm processed. That does not necessarily mean these Americans are permanently leaving the United States. For many wealthy individuals, overseas residency is increasingly viewed as a “Plan B” — another legal option available if family, business, economic or personal circumstances change.

New Zealand Sees Stronger Investor Interest

Official government figures from New Zealand provide another indication of growing demand for investment-based residency. New Zealand revamped its Active Investor Plus Visa in 2025 to make the program more attractive to international investors. The program currently offers two principal investment routes. The Growth category requires at least NZ$5 million invested for three years, while the Balanced category requires at least NZ$10 million over five years. Immigration New Zealand has reported a substantial increase in applications following changes to the program. The government’s figures demonstrate rising international investor demand, although the published data do not provide enough detail to conclude that the increase is being driven specifically by Americans.

Portugal, Greece and Italy Remain Part of the Investment-Migration Market. Several European countries continue to provide investment-linked residence options.

Portugal’s Residence Permit for Investment Activity, known as ARI, allows qualifying third-country nationals to obtain temporary residence through approved investment activities.

Portugal has substantially changed the program over time, including eliminating some of the real-estate routes that once made it particularly popular. The country continues to operate the ARI program through qualifying investment alternatives.

Greece continues to operate its Golden Visa program for qualifying investors. Real-estate investment remains one of the principal routes, although minimum investment requirements vary by location and property type.

Italy also maintains an investor-visa route for qualifying foreign investors through approved investments in areas such as Italian companies, innovative startups and government bonds.

Why Wealthy Americans Want a Second Residency

The motivations vary considerably from one family to another. A residence permit in another country can potentially provide options for:

• Living or retiring abroad

• Establishing or expanding an international business

• Providing children access to overseas education

• Spending extended periods in Europe or other regions

• Diversifying investments internationally

• Maintaining greater flexibility in where a family can live

• Creating a long-term backup residency option

For entrepreneurs and globally connected professionals, international residency may also complement businesses, investments or family relationships that already span multiple countries.

Not Necessarily About U.S. Immigration Policy

Recent changes in U.S. immigration and visa policy have attracted considerable attention, but an important distinction is necessary. Policies administered by the Department of Homeland Security and other U.S. agencies generally affect foreign nationals seeking immigration benefits in the United States. American citizens applying for Portuguese, Greek, Italian or New Zealand residency are instead subject to the immigration laws of those destination countries. There is therefore insufficient evidence to conclude that tighter U.S. immigration rules are directly causing wealthy Americans to seek golden visas. The increase appears better understood as part of a broader trend toward global mobility and international diversification among high-net-worth families.

Golden Visas Require Careful Planning

Investment residency should not be viewed simply as buying another passport. Programs can involve significant financial commitments, and rules can change.

Applicants need to evaluate issues including:

• Minimum investment requirements

• How long investments must be maintained

• Physical residence requirements

• Tax residency

• Estate and inheritance rules

• Investment risk and liquidity

• Renewal requirements

• Eligibility for permanent residence

• Requirements for eventual citizenship

Some countries have substantially modified or eliminated investor programs in recent years. Families considering these options should therefore seek independent immigration, tax and financial advice rather than making decisions solely on the availability of a residence permit.

Global Mobility Becomes Part of Wealth Planning

The sharp increase in U.S. applicants reported by Henley & Partners suggests that international residency is becoming a more mainstream consideration among wealthy Americans. A more than 1,000% increase in the firm’s American client base over five years, coupled with U.S. nationals accounting for nearly one-quarter of its applications in 2024, represents a notable shift in a market once dominated by applicants from other regions.

For many families, the objective may not be emigration at all.

Instead, a second residency increasingly functions as another form of diversification — providing greater flexibility over where a family can live, work, invest and plan for the future.