Wealthy Americans Flock to Latin America and Asia for Second Passports

Overlook wine in Tuscany or summers within the south of France — rich Individuals at the moment are 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 Individuals via tax perks, visa-free journey, and sunny locations to retire.

Nevertheless, 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 international tax planning, mentioned Latin America and Asia are rising as scorching spots for rich Individuals looking for a “Plan B.”

“Latin America has seen essentially 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 packages.

Whereas smaller in scale, Asia can be on the rise — making up 3 to 7% of Nomad Capitalist’s annual circumstances, 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 gentle alternative, accounting for round 20% of its work. However Henderson provides that whereas Europe’s development has been “regular moderately than explosive,” a lot of the thrill has shifted towards rising markets.

Why Individuals are wanting past Europe

In response to Henderson, the shift is pushed by a mixture of geopolitical, financial, and way of life elements.

Conventional protected havens like Europe are shedding enchantment, 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 12 months, the UK scrapped its non-dom tax system in April, and Spain formally ended its real estate investment route to citizenship earlier this 12 months.

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 inexpensive packages 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 price.

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

“Costa Rica and Panama are solely a direct flight away from the US,” Soler mentioned, including that Individuals need choices which can be shut, inexpensive, and tax-friendly in the event that they determine to relocate.

Costa Rica’s breakout 12 months

Henley & Companions’ information offered to BI exhibits simply how shortly Costa Rica has climbed. In 2025, it will likely be its fourth-most widespread 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 Individuals within the first two quarters of 2025 have been up 31% in contrast with the final two quarters of 2024.

“Costa Rica has definitely shot as much as develop into one of the crucial widespread packages for US nationals this 12 months,” Soler mentioned. “It ticks the bins: decrease thresholds than Europe, tax advantages, security, and a way of life individuals describe as ‘Pura Vida.'”

A Costa Rica transient from Harvey Legislation Company exhibits the nation affords 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, moderately than simply maintain a backup possibility.

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

“Asia and Latin America are far more, ‘I wish to transfer inside the subsequent 6 months or so’,” he added.

From Virginia to Kuala Lumpur

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

Massey, already a twin citizen of the US and Dominica via 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 individuals, 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 wonderful in Kuala Lumpur,” he mentioned, including, “the medical doctors are extraordinarily skilled, effectively educated, and educated, and use the most recent know-how.”

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

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

Massey’s choice displays a broader development amongst rich Individuals: spreading their bets.

For some, it is about decrease taxes or asset safety. For others, it is way of life and security. And for a lot of, it is about guaranteeing their youngsters inherit not simply wealth, however international mobility.

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

Corbin mentioned extra Individuals at the moment are layering a number of packages to cowl totally different wants.

“We’re undoubtedly getting circumstances” the place shoppers mix a Caribbean citizenship for an alternate passport with a residency in Europe or Asia, the place they could really reside, he mentioned.

Soler echoed that time, including that Individuals at the moment are treating citizenship and residency as a portfolio technique.

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