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Global Wealth

Why wealthy families hold more than one passport

For a growing number of families, a single nationality looks like an undiversified portfolio. A second passport spreads political risk the way a second asset class spreads market risk.

Updated 7 min readSourced from official announcements

Key facts

  • Henley & Partners projected 142,000 millionaires would move country in 2025: UAE net inflow +9,800, UK net outflow −16,500.
  • Henley's 2026 report reports that nearly 27% of applications from US nationals target Latin America and the Caribbean.
  • The four motives: mobility, optionality, succession and security.
  • Most countries, including Argentina, tax on residence, not citizenship.
  • A second passport only helps if your first country permits dual nationality.

For most of the twentieth century, a second passport was a sign of exile or of mixed parentage. Today, among internationally active families, it is close to standard practice. The reasons are less about luxury than about risk management.

What the data shows

The best-known estimates come from Henley & Partners’ annual Private Wealth Migration Report.

The 2025 edition, prepared with the research firm New World Wealth and published on 24 June 2025, projected that 142,000 millionaires would relocate internationally during the year. It projected the largest net inflows to:

Country Projected net inflow of millionaires, 2025
United Arab Emirates +9,800
United States +7,500
Italy +3,600
Switzerland +3,000
Saudi Arabia +2,400

The largest projected net outflows were from the United Kingdom (−16,500), China (−7,800) and India (−3,500). Brazil appeared with a projected net outflow of 1,200. For the first time in the series, a European country led the outflows.

Treat these figures with care. They are modelled projections from a private firm, not official migration statistics, and they count people who move, not people who hold several passports.

The 2026 edition, published on 16 June 2026, changed approach. With the analytics firm AlphaGeo it introduced a scoring framework that ranks jurisdictions by how well they attract and keep private wealth. Singapore (79.5 out of 100), New Zealand (75.8) and the Cayman Islands (74.3) led. The report also stated that nearly 27% of applications from US nationals targeted programmes in Latin America and the Caribbean.

The four motives

Families rarely give one reason. The motives usually fall into four broad groups.

1. Mobility

The simplest reason is friction. A business owner whose passport needs visas for Europe, Japan or the UK loses days to consulates and sometimes loses deals. A second passport with wide access removes that friction. The Argentine passport, for example, opens about 170 destinations, including the Schengen area, the UK (with an ETA), Japan and, until 31 December 2026, China for 30 days. See the Argentine passport.

2. Optionality

This is the core of the “Plan B” idea. Governments change, borders close, capital controls arrive, and sanctions hit people who did nothing wrong except hold a particular passport. A second nationality is an option on another future. Like any option, its value is highest when you least expect to need it. See why a Latin American passport makes a good Plan B.

3. Succession

Wealthy families plan in generations. Nationality is one of the few assets that can pass to children and grandchildren, together with rights to live, study and work. The details matter, though. Argentina, for instance, passes nationality automatically to children born in Argentina. Children born abroad to a naturalised Argentine do not inherit nationality by option, although they can obtain permanent residence. Plan the family structure with an adviser. See family members.

4. Security

For some families the reason is personal safety. A second nationality can give access to consular protection from a different state, and a choice of which document to travel on. In a crisis, the ability to leave on a passport that is welcome at the nearest open border can matter more than any ranking.

What a second passport does not do

Clarity about the limits prevents expensive mistakes.

  • It does not usually change your tax. Most countries tax people who live there, not people who hold their passport. Argentina taxes residents on worldwide income at 5% to 35%, but naturalisation alone does not make you tax resident. The United States is the main country that taxes its citizens wherever they live.
  • It does not hide you. Under the OECD’s Common Reporting Standard, banks must establish where you are tax resident, and the OECD expects them to question documents from schemes that combine low tax with little physical presence. See How the OECD and FATF view CBI.
  • It does not override your home country’s law. Some countries, including India and China, restrict dual nationality. Acquiring a second one can cost you the first. See dual citizenship.

Where Argentina fits

Until 2026 the investment-citizenship market was mostly small island states. Argentina adds a large country with a full economy, a population of about 46 million and a passport that opens about 170 destinations. The programme opens to applications in the fourth quarter of 2026, with a minimum US$350,000 non-refundable contribution or a US$800,000 bond.

It also carries a specific risk: the decree behind the programme, DNU 366/2025, was declared unconstitutional by the Cámara Nacional Electoral on 30 June 2026, and the government’s appeal is before the Supreme Court. Read the legal status briefing, and compare the route with golden visas.

A portfolio view

The most useful frame is the one a family office already uses for assets. Ask what each nationality you hold is exposed to, what it protects you from, and where the gaps are. If every passport in the family points to the same political system, the portfolio is concentrated. A second citizenship from a different region is diversification. Speak to a qualified adviser before you act, and consider a private briefing.

Sources

Frequently asked questions

Why do wealthy people get second passports?

Mainly for mobility, for options if their home country becomes unstable, for their children's future rights, and for personal security. Tax is a secondary reason for most, because most countries tax by residence, not citizenship.

How many millionaires move country each year?

Henley & Partners and New World Wealth projected that 142,000 millionaires would relocate internationally in 2025, with the UK showing the largest net outflow and the UAE the largest net inflow. These are modelled estimates, not official statistics.

Does a second passport reduce my taxes?

Usually not by itself. Most countries, including Argentina, tax on residence rather than citizenship. The United States is the main exception, taxing its citizens wherever they live.

Is holding several nationalities legal?

It depends on each country involved. Argentina allows multiple nationality, but some countries, such as India and China, restrict it. Check the rules of every nationality you hold or plan to acquire.

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