Americans Drive Nearly a Third of Global Citizenship-by-Investment Demand

Americans filed nearly a third of all citizenship-by-investment applications processed worldwide by Henley & Partners in the first quarter of 2026. The figure, reported by one of the industry's largest firms, marks a rapid shift in who buys second citizenships — and it lands just as the European Union pushes Caribbean states to shut their programs down by June 1, 2028. For practitioners, the client base and the regulatory clock have both changed at once.

The shift is most visible in Antigua and Barbuda. Americans now account for about half of applicants to that country's program so far this year. That share stood at 26% in 2025 and just 11% in the first half of 2024. One Caribbean program has roughly doubled its American intake two years running.

Why are Americans applying in record numbers?

The demand is not about travel. U.S. passport holders already reach about 179 destinations visa-free. Advisers describe a search for optionality — a second citizenship as insurance against political, economic or personal uncertainty at home. Interest is "no longer concentrated among ultra-high-net-worth individuals," said Elena Ruda, co-founder of the Malta-based advisory firm Immigrant Invest.

The client profile is broadening. Immigrant Invest reports that Americans are its largest client group in 2026, at 17% of consultations. Salaried professionals and retirees now make up about a quarter of its calls, up from about 15% in 2025. Investment migration, once the preserve of the ultra-wealthy, has reached the upper middle class.

The stated motives split across several buckets among the firm's U.S. clients:

• About 40% cite a "Plan B" or political uncertainty
• A similar share want flexibility to spend more time abroad
• 38% cite children's education and opportunities
• About 30% plan to retire abroad

Others point to economic diversification, tax planning or lifestyle. Some Americans pursuing citizenship through ancestry have raised concerns about U.S. policy, including the current administration's approach to immigration and LGBTQ+ rights. Applications for Irish, Canadian and Luxembourgish citizenship by descent have risen since late 2024.

What does the Caribbean offer — and what is at risk?

The five Eastern Caribbean programs remain the default route for Americans without eligible ancestry. Entry prices run from about $200,000 in Dominica to about $250,000 in St. Kitts and Nevis, with Antigua and Barbuda, Grenada and St. Lucia priced in between.

The programs' key selling point — visa-free access to Europe's Schengen area — is now under direct threat. In June 2026, the European Commission wrote to the five countries asking them to phase out their programs by June 1, 2028. Failure to comply could cost them Schengen access under the EU's revised visa suspension mechanism. The Commission also wants stronger due diligence and exclusion of applicants subject to EU sanctions.

Caribbean governments are pushing back. Antigua and Barbuda's prime minister, Gaston Browne, has called the program a crucial source of non-tax revenue that cannot be abandoned without a "credible economic alternative." Caribbean officials argue their programs already apply rigorous due diligence and have introduced higher thresholds and regional oversight. Negotiations are likely to continue.

For American applicants specifically, the stakes differ. They already hold Schengen access on their U.S. passports. Their interest is driven by an alternative nationality and residence, not travel rights. Still, losing Schengen access would cut the resale-style value of these passports and could affect future pricing.

What new options are opening?

Argentina is set to become South America's first citizenship-by-investment destination. In early October, the government announced a program requiring either a $350,000 non-refundable contribution or the purchase of $800,000 in government bonds held for seven years. Applications are expected to open in the fourth quarter of 2026. Detailed rules remain pending, and the program's legal basis faces challenges in Argentine courts.

For Americans seeking a substantial second country with regional mobility through Mercosur, Argentina could become a genuine alternative to the Caribbean — particularly if Caribbean programs come under further European pressure.

Europe itself has narrowed. Malta, long the EU's leading citizenship-by-investment destination, ended its program after the European Court of Justice ruled in 2025 that it breached EU law, replacing it with a citizenship-by-merit route. Investors seeking a European foothold now turn mainly to golden visa residence programs in Greece, Portugal, Italy, Spain, Cyprus, Latvia and Hungary. Several of these have recently tightened rules and raised thresholds.

What should advisers and applicants watch?

Second citizenship and residence planning has moved into mainstream wealth strategy, including for upper-middle-class professionals. For employers, more executives holding second citizenships may expand mobility but introduces new tax and compliance considerations. Families and advisers should weigh program durability, EU policy risk and tax implications before committing to any route.

The next 12 to 24 months will test the market. Watch Caribbean responses to the EU's 2028 deadline, the launch and legal fate of Argentina's program, any new European restrictions, and whether American demand persists beyond the current political cycle. As advisers consistently put it: Americans are not necessarily planning to leave, but more of them want the option.