Wealthy Americans Flock to Latin America and Asia for Second Passports

Overlook wine in Tuscany or summers within the south of France — rich People are actually chasing second passports in Costa Rica’s jungles and Bangkok’s buzzing streets.

For many years, Europe set the tempo within the second-passport market. Portugal, Malta, and Greece have drawn high-net-worth People by tax perks, visa-free journey, and sunny locations to retire.

Nonetheless, new information exhibits, and on-the-ground advisors advised Enterprise Insider that the main focus is shifting towards Latin America and components of Asia.

Nomad Capitalist, a wealth advisory agency based by Andrew Henderson that focuses on second citizenships, residencies, and world tax planning, mentioned Latin America and Asia are rising as sizzling spots for rich People looking for a “Plan B.”

“Latin America has seen probably the most dramatic rise,” Henderson advised Enterprise Insider. “In comparison with pre-2020 ranges, client engagements tied to the area have roughly doubled.

“Uruguay, Panama, and now Argentina are main the cost,” Henderson mentioned, including that about 10% of Nomad’s shopper work was tied to Latin American applications.

Whereas smaller in scale, Asia can also be on the rise — making up 3 to 7% of Nomad Capitalist’s annual instances, with demand concentrated in strategic hubs like Thailand, Singapore, and Cambodia. “For our shoppers, Asia is much less about quantity and extra about positioning in key enterprise and funding markets,” Henderson mentioned.

Europe, in the meantime, stays a gradual alternative, accounting for round 20% of its work. However Henderson provides that whereas Europe’s development has been “regular relatively than explosive,” a lot of the thrill has shifted towards rising markets.

Why People are wanting past Europe

In accordance with Henderson, the shift is pushed by a mixture of geopolitical, financial, and life-style components.

Conventional protected havens like Europe are dropping attraction, he mentioned, as a consequence of tightened tax regimes, stricter immigration guidelines, and better funding thresholds.

Portugal ended its non-habitual resident tax regime final yr, the UK scrapped its non-dom tax system in April, and Spain formally ended its real estate investment route to citizenship earlier this yr.

In the meantime, Malta was pressured to close its “golden passport” program after the EU’s high courtroom dominated it unlawful, and Greece raised its Golden Visa investment thresholds in 2023 and 2024, doubling minimums in high-demand areas like Athens, Santorini, and Mykonos.

Against this, Latin America and Asia supply quicker, extra reasonably priced applications with minimal presence necessities, Henderson mentioned, including shoppers more and more need “higher worth for his or her cash,” pointing to decrease taxes, high-quality healthcare, and luxurious facilities obtainable at a fraction of the Western value.

Michel Soler, managing director for Latin America at Henley & Companions, cited decrease entry thresholds, favorable tax regimes, and geographic proximity as key drivers for People selecting the area.

“Costa Rica and Panama are solely a direct flight away from the US,” Soler mentioned, including that People need choices which might be shut, reasonably priced, and tax-friendly in the event that they resolve to relocate.

Costa Rica’s breakout yr

Henley & Companions’ information offered to BI exhibits simply how shortly Costa Rica has climbed. In 2025, it will likely be its fourth-most in style program for US nationals.

Functions have surged 660% year-over-year, albeit from a low base in 2024 when this system was first rolled out, the info confirmed. Enquiries from People within the first two quarters of 2025 had been up 31% in contrast with the final two quarters of 2024.

“Costa Rica has actually shot as much as turn out to be probably the most in style applications for US nationals this yr,” Soler mentioned. “It ticks the containers: decrease thresholds than Europe, tax advantages, security, and a way of life folks describe as ‘Pura Vida.'”

A Costa Rica transient from Harvey Legislation Company exhibits the nation gives a number of pathways: an investor route beginning at $150,000 in certified property, together with actual property; a Rentista route that requires $2,500 in assured month-to-month passive earnings for 2 years or a $60,000 native financial institution deposit; and a Pensionado observe at $1,000 a month in pension earnings.

Steve Corbin, director of Caribbean operations for Harvey Legislation Group’s Grenada workplace, mentioned that Latin American residencies are sometimes chosen by Americans who actually plan to relocate, relatively than simply maintain a backup choice.

For “those making use of for European or Caribbean applications,” Corbin mentioned, “it is a backup plan.”

“Asia and Latin America are way more, ‘I need to transfer throughout the subsequent 6 months or so’,” he added.

From Virginia to Kuala Lumpur

Jerry Massey, a contract sports activities announcer and human sources advisor from Spotsylvania, Virginia, is a kind of planning his subsequent chapter overseas.

Massey, already a twin citizen of the US and Dominica by a $100,000 citizenship-by-investment program, mentioned Asia now looms massive in his future. His high choose: Kuala Lumpur, Malaysia, with Bangkok as a backup plan.

“I benefit from the folks, the meals, and the standard of life,” Massey advised BI. “I really feel a lot safer in a Malaysian metro station after midnight than I do in Washington, DC.”

“Healthcare is superb in Kuala Lumpur,” he mentioned, including, “the medical doctors are extraordinarily skilled, properly educated, and educated, and use the most recent know-how.”

He added that “the price of residing is cheaper as properly. You may dine for a fraction of the associated fee as you’d within the West.”

The brand new regular: a number of passports, a number of choices

Massey’s determination displays a broader pattern amongst rich People: spreading their bets.

For some, it is about decrease taxes or asset safety. For others, it is life-style and security. And for a lot of, it is about making certain their kids inherit not simply wealth, however world mobility.

“Purchasers are clear,” Henderson mentioned, “they need a stable Plan C as an additional layer of safety past their present passports and residencies.”

Corbin mentioned extra People are actually layering a number of applications to cowl completely different wants.

“We’re positively getting instances” the place shoppers mix a Caribbean citizenship for an alternate passport with a residency in Europe or Asia, the place they may truly dwell, he mentioned.

Soler echoed that time, including that People are actually treating citizenship and residency as a portfolio technique.

“It isn’t nearly journey anymore — it is about wealth planning for the following era.”