Expat Dreams & Escape Plans: How Americans Are Gaining Second Passports
Last week, we talked about the proposed "Gold Card" that would allow high-net-worth individuals to buy U.S. permanent residency. This week, let’s flip the script and talk about Americans seeking residency or citizenship in other countries.
Why would anyone want to do that? For some, it’s about freedom—having more options in case of political or economic instability. For others, it’s about retiring somewhere more affordable, working remotely as a digital nomad, or simply satisfying a long-held dream of living abroad. And for some, holding dual citizenship is about reconnecting with family heritage and opening doors for their children’s future.
There are a few different paths people explore:
Digital nomad visas
These are a great low-risk way to test-drive expat life. Many countries—including Portugal, Spain, and Costa Rica—offer visas that let remote workers stay long-term, usually with proof of income. Forbes keeps a good list of countries offering these visas.
Citizenship through ancestry or marriage
If your parents, grandparents, or spouse are citizens of another country, you may be able to apply for citizenship or permanent residency there. This is often a quicker and more affordable route than other options and is absolutely worth looking into first.
Golden passports (citizenship by investment)
These are programs offered by certain countries (mostly in the Caribbean and parts of Europe) where you can invest a significant sum—often six or seven figures—and gain residency or citizenship. Condé Nast Traveler has a solid overview.
If you're considering this kind of move, here's what to keep in mind:
U.S. citizens are required to file U.S. tax returns and pay taxes on worldwide income, even if they live abroad.
You’ll likely need a team: a local immigration attorney, tax advisors in both countries, and sometimes a U.S. immigration attorney as well—especially if you're bringing non-citizen family members or want to pass U.S. citizenship to your kids born overseas.
Foreign immigration systems are often more complex and restrictive than people expect. If you think our system is hard, just wait until you’ve seen the paperwork in some European countries!
That said, with the right plan and the right help, it is possible—and for many, incredibly rewarding.
If you’re seriously considering a second passport or an overseas move, I’m happy to point you in the right direction or connect you with professionals I trust.