Why some wealthy Americans are looking for new citizenship as Trump 2.0 nears

With less than two weeks before Donald Trump is sworn in as president, some American citizens are looking to leave the United States amid concern about potential policies and economic stability.

US nationals make up 21% of applications for investment migrations programs operated by Henley & Partners, according to new data from the residence and citizenship by investment advisory firm. Last summer, the firm ranked the US a top destination for migrating high-net-worth individuals.

But the share of applications to migrate elsewhere means that American applications are a larger share than the next four nationalities combined (Turkish, Filipino, Indian, and British) and the firm’s CEO, Dr Juerg Steffen, says there are clear reasons for the surge in interest from Americans.

“Faced with unprecedented volatility, investors and wealthy families are adopting a strategy of geopolitical arbitrage to acquire additional residence and/or citizenship options to hedge against jurisdictional risk and leverage the differences in legal, economic, political, and social conditions across countries to optimize their personal, financial, and lifestyle outcomes,” he said.

The Henley Global Mobility Report 2025 Q1 also includes commentary from Professor Peter J. Spiro of Temple University Law School in Philadelphia, a leading expert on dual citizenship. He says that political risk from the second Trump administration is different from that of his previous term in the White House.

“This time around, the stakes are higher. During the first Trump administration, legacy political guardrails were still in place. Now, many are gone. There is a sense that what Trump wants, Trump will be able to get,” he said. “His political agenda is mercurial, to say the least, and political uncertainty is the result. Americans can no longer take stability for granted.”

Meanwhile, Dr Tim Klatte who is a partner at Grant Thornton China, says the new US administration will have wide-ranging impact.

“The Trump-era trade wars will not only be viewed as bilateral disputes — they will serve as transformative events for the global economy. Disrupting trade flows, raising costs, and sowing uncertainty will require businesses, governments, and international institutions to adapt to a new reality,” he said. “This strategy raises serious concerns about the fragmentation of the global economy and the potential for increased geopolitical tensions. Trump has not been shy about his foreign policy strategies, from Canada to China, and his direct approach will continue to present doubts in the confidence of the USA’s passport power moving forward.”

PASSPORT RANKINGS

Henley’s Passport Index, which ranks the world’s 199 passports according to the number of destinations their holders can access without a prior visa, offers an insight into potential new locations for Americans.

Singapore and Japan top the list followed by several European countries, South, New Zealand and, and Australia. For those looking for an easier commute, Canada ranks 7th even as the country navigates its own political turmoil with the resignation of prime minister Justin Trudeau.  

The US ranks 9th and has fallen in the rankings over the past decade; in 2015 it was second placed but has fallen more than any other nation apart from Venezuela.