Six years ago, wealthy Americans barely registered as a presence in investment migration. That market belonged almost exclusively to high-net-worth individuals from emerging economies seeking better passports and expanded travel access.
Today, that reality has been turned upside down.
Americans now dominate the client books of major investment migration consultancies, according to findings from the 2025 Investment Migration Executive Survey published by us.
Half of the 40 multinational firms surveyed identified Americans as their fastest-growing client segment. North America has become the largest source market for 40% of responding firms, a fourfold increase from just one in ten firms reporting the same in 2019.
The transformation is not a temporary spike triggered by a single election or policy announcement. It reflects a fundamental shift in who seeks global mobility and why.
Dominance at the Firm Level
The scale of American dominance becomes clearer when you examine individual firm data. Henley & Partners, one of the world’s largest investment migration consultancies, now processes more American clients than the next four major nationalities combined. Those nationalities are Turkish, Indian, Chinese, and British.
Sarah Nicklin of Henley & Partners told Newsweek that US citizens accounted for over 30% of all investment migration applications submitted through the firm so far in 2025. That figure represents nearly double the combined total of the next five investor nationalities.
Dominic Volek, Henley’s group head of private clients, characterizes the current environment as one of “unprecedented volatility” in the United States. That volatility is driving demand that shows no sign of slowing into 2026.
The trend started earlier than many realize. David Lesperance of Lesperance & Associates traces the uptick in American interest to 2016, when political polarization first emerged as a primary driver. Each subsequent election cycle has reinforced and accelerated the pattern.
What Is Driving American Demand?
If you are an American considering investment migration, you are likely motivated by factors that differ markedly from traditional applicants.
For decades, the primary driver of investment migration was travel freedom. Wealthy individuals from countries with weak passports sought access to visa-free travel that their home documents could not provide. In 2019, 2021, and 2023, an absolute majority of firms surveyed said their clients were primarily motivated by increased travel access.
That has changed. In the 2025 survey, travel freedom dropped to just one in four clients as the primary motivator. The most frequently cited factor is now concern about political unrest or instability in the home country.
Americans already enjoy extensive travel freedom with one of the world’s strongest passports. What they seek instead is optionality, a Plan B should circumstances at home deteriorate.
Armand Arton, CEO of Arton Capital, told Newsweek that American clients want “the mobility benefits and security that a second passport provides.” Mo Bennis, also of Arton Capital, described a second passport as “the ultimate insurance policy against uncertainty.”
The motivations are varied. Political polarization ranks high, but so do concerns about rising costs of living, healthcare expenses, and what many perceive as declining quality of life.
Some applicants are motivated by tax considerations, though the United States’ citizenship-based taxation means moving abroad does not eliminate American tax obligations without renouncing citizenship.
Portugal: Familiar Territory for American Investors
Portugal draws significant American interest, and Google Trends data confirms the pattern. Searches in the United States for “Portugal Golden Visa” spiked after the November 2024 election and remained historically elevated throughout the spring of 2025. VIDA Capital reported a 571% increase in American traffic since January 2025, with California and Florida leading demand.
Americans were the top nationality for Portugal’s golden visa in 2023, and the trend has only intensified.
The program’s shift away from real estate in 2023 pushed applicants toward fund-based investments requiring a minimum of €500,000. That transition has not deterred Americans. Unlike applicants from the Middle East or Asia, where securities investment remains relatively uncommon, Americans are comfortable with fund-based investing. Roughly 62% of US adults own stock portfolios compared to 24% in Saudi Arabia and 19% in China. The fund route feels like familiar territory.
Portugal is reviewing its naturalization law and will probably double the wait time for citizenship from five years to ten. Whether that will dampen American appetite remains to be seen. For now, the minimal physical presence requirements of just seven days in the first year and 14 days in each subsequent two-year period continue to appeal to Americans who want options without immediate relocation.
IMI Professionals Who Can Help with the Portugal Golden Visa
Greece: The Post-Spain Alternative
When Spain closed its real estate golden visa route in April 2025, American search volume for Greece’s golden visa program increased by more than 50%.
Greece offers a tiered investment structure. The €250,000 threshold remains available for commercial properties converted to residential use. Higher thresholds apply in Athens, Thessaloniki, and popular islands. Processing has accelerated considerably in 2025 after record applications in 2024.
For Americans, Greece represents an alternative European foothold without Portugal’s processing backlogs. The program requires no physical presence to maintain residency, though naturalization after seven years demands actual residence and Greek language proficiency.
IMI Professionals Who Can Help with the Greece Golden Visa
New Zealand: The Surprise Destination
New Zealand has emerged as an unexpected favorite among Americans seeking options outside Europe.
The country’s Active Investor Plus Visa attracted 491 applications representing nearly NZ$3 billion (approximately US$1.7 billion) in potential investment since authorities relaunched the program in April 2025. Americans account for the largest share of applications by a considerable margin, submitting 182 requests covering 524 individuals. That represents 40% of all applicants, more than double the next largest nationality.
The April 2025 reforms replaced a previous structure requiring NZ$15 million in committed funds. The new framework offers two pathways: a Growth category requiring NZ$5 million over three years, and a Balanced category mandating NZ$10 million over five years.
Immigration New Zealand has processed applications at an average turnaround of 31 working days for approval in principle. The government recently announced that visa holders will be permitted to purchase luxury homes priced at NZ$5 million or more, effective early 2026.
Mischa Mannix-Opie, Director of Client Experience at Greener Pastures New Zealand, characterizes American applicants as “multi-generational planners rather than transactional investors.” These clients typically weigh wellbeing, education, environment, and community alongside capital preservation and growth.
Stuart Nash, former immigration minister and current advisor to global investors, identifies the political climate in the United States as the primary catalyst for increased American applications.
IMI Professionals Who Can Help with the New Zealand Active Investor Plus Visa
Italy: Tax Efficiency for the Ultra-Wealthy
Italy’s Investor Visa, affectionately dubbed “La Dolce Visa,” has emerged as Spain’s natural successor. Applications doubled over the past two years, with 209 filings through December 2025 and 63% year-over-year growth.
The program offers four investment routes: €250,000 in an innovative startup, €500,000 in an Italian company, €1 million as a philanthropic donation, or €2 million in government bonds. Unlike Portugal’s fund pathway, Italy lets you invest after approval, eliminating the risk of committing capital before receiving your residence permit. Processing takes three to four months, and there’s no minimum stay requirement.
For Americans familiar with equity investing, Italy’s structure feels intuitive. The €500,000 company investment option allows the target company to invest in virtually anything, including real estate, as long as the company itself is domiciled in Italy. Those who establish tax residency can opt into the €300,000 annual flat tax on worldwide income, valid for up to 15 years.
IMI Professionals Who Can Help with the Italy Investor Visa
Panama: The Longtime American Favorite
Panama has topped International Living’s Global Retirement Index as the world’s best retirement destination for two consecutive years. For Americans, the appeal is straightforward: a dollarized economy, established expat communities, proximity to the United States, and what many consider the world’s best retiree benefits program.
The country’s Qualified Investor Visa shattered all previous approval records in 2024. North Americans have now overtaken Colombians as the program’s primary applicants. “Most of our qualified investors in the last year are coming from North America, either the US or Canada,” Vice Minister of Internal Commerce Eduardo Arango told IMI, noting the government aims to grow monthly applications sixfold by 2026.
The QIV grants immediate permanent residency through a $300,000 real estate investment, with processing times averaging 30 days. Arango confirmed that investors can qualify for citizenship after five years by visiting Panama just once every two years. “We want to emulate Portugal,” he said.
Panama scrapped a planned increase and kept the $300,000 threshold, though it may rise to $500,000 after October 2026. For Americans already considering Panama, the window to lock in the lower investment is narrowing.
IMI Professionals Who Can Help with the Panama Qualified Investor Visa
A Changed Market
The investment migration market has evolved from serving primarily wealthy individuals in middle-income countries to attracting upper-middle-class clients in already-rich nations.
The profile of the typical applicant has shifted accordingly. Three-quarters of firms now report their average client is between 45 and 54 years old, up from 60% two years ago.
One in five firms indicates that their clients' most common source of wealth is investment portfolios rather than business ownership, reflecting the high rate of stock market participation among Americans compared to investors from other regions.
