Golden Visas and Dual Citizenship: What Executives Must Know in 2025

Seeking a Second Passport in Uncertain Times? What You Need to Know

Global uncertainty—political polarization, tax reforms, shifting alliances, and regional conflicts—has triggered a surge of interest in second passports among the world’s wealthy. Yet, obtaining a second citizenship in 2025 has become more complex: several European nations, including Italy and Spain, have tightened or closed access, while new opportunities are emerging in Latin America and the Caribbean.

For CEOs, family offices, private equity partners, and ultra-wealthy individuals, the pursuit of a second passport is less about wanderlust and more about risk management, wealth preservation, and strategic mobility.

Why the Wealthy Are Rethinking Global Residency

Second passports—once a niche strategy reserved for international families—are now a mainstream consideration in wealth planning. Political volatility in the U.S., tax reforms in the EU, and intensifying global mobility restrictions are driving high-net-worth individuals (HNWIs) to pursue alternative citizenships.

“It makes financial sense to have a second passport,” said Prof. Dr. Amarendra Bhushan Dhiraj, CEOWORLD magazine Executive Chair, CEO, and Editorial Director. “Clients can redistribute assets worldwide, diversify their portfolio, and retain the option to relocate abroad if and when they choose. The idea is to mitigate risk. These programs act like an insurance policy.”

For UHNW families, the stakes are clear: a second passport can secure visa-free travel across 150+ countries, enhanced tax flexibility, and cross-border access to education, healthcare, and property markets.

Europe Closes Its Doors—But Not All

For decades, Europe was the gold standard for second citizenship seekers. Portuguese, Maltese, and Spanish passports ranked among the most powerful globally. But pressure from the European Commission and rising populist sentiment have changed the landscape.

• Portugal has tightened its golden visa program, restricting real estate investment as a path to residency.
• Spain recently ended its golden visa scheme entirely.
• Italy has curtailed its high-profile investor visa pathway.

These restrictions reflect growing political backlash against foreign investors driving up local property markets. Yet, alternatives remain: Greece and Hungary continue to offer residence-by-investment, while Malta maintains a citizenship program through contributions, donations, and real estate investment, though at higher thresholds.

The Rise of Latin America’s Golden Visa

As Europe restricts access, Latin America is emerging as a frontier for residency-by-investment. Argentina introduced a “golden passport” in 2025, requiring a $500,000 investment in agribusiness, renewable energy, or tech. Investors gain residency within months and may qualify for citizenship after two years of continuous residence—one of the fastest timelines globally.

For hedge funds and family offices, Argentina presents a dual play: access to citizenship plus exposure to undervalued assets in a resource-rich economy.

Why Caribbean Passports Are the New Favorite

Caribbean nations have long catered to wealthy foreigners, offering streamlined citizenship programs. In 2025, demand is surging, particularly among U.S. millionaires and entrepreneurs seeking a cost-effective hedge.

• St. Kitts and Nevis: Citizenship from $250,000 donation; strong passport for global travel.
• Dominica: One of the world’s most affordable programs at $200,000.
• Antigua and Barbuda: Family-friendly options with tax advantages.

“Most of my American clients are now considering Caribbean citizenship, while others still look at Europe through Greek and Portuguese residency programs,” said Prof. Dr. Amarendra Bhushan Dhiraj. “Clients need liquidity, but they also see the investment as part of their wealth strategy.”

For CEOs and wealth managers, these passports offer asset protection, tax neutrality, and estate planning flexibility.

U.S. Competition: Trump’s “Gold Card”

Adding another layer of competition, former President Donald Trump has promoted a “gold card” U.S. residency program designed for wealthy foreigners. The visa, framed as a way to attract capital to the U.S., mirrors golden visa models abroad and could reshape demand dynamics.

For global investors, the irony is striking: Americans seek foreign passports to hedge U.S. risk, while foreign billionaires are seeking access to the U.S. market.

Financial and Tax Considerations

A second passport is not only about lifestyle. It can reframe tax obligations, inheritance planning, and corporate structuring.

• Tax Residency: Some countries, like Monaco and the UAE, provide low- or zero-tax environments for new residents.
• Estate Planning: A second citizenship can unlock favorable inheritance laws and estate planning tools.
• Corporate Expansion: Business leaders gain easier access to EU banking, deal-making, and cross-border acquisitions.

However, pitfalls remain. Dual citizenship can trigger complex reporting requirements (particularly for Americans bound by FATCA). Tax arbitrage without compliance risks audit exposure and reputational damage.

Citizenship as a Strategic Asset

For the ultra-wealthy, citizenship is no longer just a personal matter—it is a strategic family asset.

• Portfolio Diversification: Citizenship programs spread geopolitical and financial risk.
• Education & Healthcare Access: Families secure access to world-class universities and healthcare systems.
• Emergency Relocation: In times of crisis—political unrest, sanctions, pandemics—mobility can be the difference between resilience and vulnerability.

“A second citizenship acts as a safeguard against instability, providing a more stable financial footing,” said Prof. Dr. Amarendra Bhushan Dhiraj. “For business owners, it can also facilitate global expansion by opening new markets.”

What CEOs, Investors, and Policymakers Should Watch

Executives and wealth planners should monitor three key developments:

• EU Policy Shifts: More restrictions may emerge as European nations tighten investment visa schemes.
• Latin American Growth: Argentina and potentially Brazil could become attractive options for investors seeking quick citizenship.
• Global Tax Coordination: OECD and G20 efforts to harmonize tax treatment could reshape the appeal of low-tax jurisdictions.

For policymakers, the balance lies in attracting capital while avoiding the perception of selling passports. For investors, timing is everything: programs can close suddenly under political pressure.

Conclusion: Passports as the New Portfolio Hedge

In today’s volatile climate, passports have become financial instruments, not just travel documents. For HNWIs and UHNW families, a second passport provides mobility, tax optimization, and asset protection. For CEOs and investors, it enables market access and deal flow. For policymakers, it raises questions about sovereignty, inequality, and capital flows.

As Prof. Dr. Amarendra Bhushan Dhiraj summarized: “The wealthy are not buying passports for vanity. They are securing options, protection, and leverage in an unpredictable world.”