Costa Rica Applications Surge 660 Percent
For decades, wealthy Americans who wanted a backup passport looked to Europe.
Portugal, Malta, and Greece offered golden visas through real estate investments, and the idea was simple: buy a vacation home, get a residency permit, and eventually qualify for an EU passport. But Europe has been slamming doors.
Portugal killed its real estate option in 2023. Spain ended its golden visa entirely in April 2025.
And now the money is flowing somewhere else.
Costa Rica Becomes a Top Destination
Henley & Partners reported a 660% spike in Americans applying for Costa Rica residency in 2025, and the country climbed to become the firm’s fourth most popular program for U. S. nationals. Immigration advisors say the shift is about more than just finding a backup plan.
Americans applying for residency in Latin America and Asia are saying they want to actually move within six months. The old European golden visa was a safety net you might never use.
The new approach is an exit strategy.
Portugal Ends Its Most Popular Route
In October 2023, Portugal’s parliament voted to restructure its golden visa program and eliminated real estate investment as a qualifying option.
Before the change, real estate purchases had been the dominant pathway, used by around 75% of applicants.
The program still exists through investment funds and cultural donations, but the easy path of buying a Lisbon apartment disappeared overnight.
Portugal also terminated its Non-Habitual Resident tax regime in January 2024, removing another major incentive for Americans considering the country.
Spain Shuts Down Entirely
Spain’s golden visa ended in April 2025. The program had allowed investors to gain residency through property purchases of at least 500,000 euros, and it attracted Americans looking for a foothold in Europe without Portugal’s restrictions.
Now that door is closed too. The European Commission has been calling for an end to golden visa programs across the EU, citing security concerns.
For Americans who want European residency through investment, the options are shrinking fast.
Costa Rica Offers Residency for $150,000
Costa Rica has become the hottest alternative. The minimum investment starts at $150,000 for real estate purchases or shares in a Costa Rican corporation.
Investors receive a residence permit valid for two years, renewable as long as they maintain the investment.
After seven years of residency, investors can apply for Costa Rican citizenship, though they need to demonstrate Spanish proficiency and pass a test on the country’s history and culture.
Advisors say Costa Rica appeals to Americans because it offers lower thresholds than Europe, tax benefits, safety, and what locals call the “Pura Vida” lifestyle.
Panama Grants Residency in 30 Days
Panama offers something even faster. The Qualified Investor Visa grants permanent residency for a $300,000 real estate investment, with processing times around 30 days.
Investors receive permanent residency immediately upon approval, without needing to be physically present in Panama to start the process. To maintain residency, you only need to visit Panama once every two years.
The government decided to keep the $300,000 threshold through October 2026, despite earlier plans to raise it to $500,000. After five years, permanent residents can apply for Panamanian citizenship.
Thailand Targets Wealthy Retirees
Asia is drawing Americans too. Thailand launched its Long-Term Resident visa program in September 2022, aiming to attract one million wealthy or talented foreigners over five years.
The “Wealthy Global Citizen” category requires at least $1 million in assets, $80,000 in annual income, and a $500,000 investment in Thai government bonds, real estate, or foreign direct investment.
The visa grants a 10-year stay with benefits including exemption from personal income tax on foreign-sourced income and annual immigration reporting instead of every 90 days.
Wealthy families see Asia as both a lifestyle upgrade and a hedge against future uncertainty in the U. S.
Nearly 5,000 Americans Renounced in 2024
The push for second passports comes alongside a quieter trend.
Annual citizenship renunciations have surged from an average of 200 to 400 cases before 2009 to a record 6,705 in 2020, with numbers remaining elevated ever since. Nearly 5,000 people renounced U.S. citizenship in 2024.
The primary drivers are complex international tax laws and foreign banking restrictions under the Foreign Account Tax Compliance Act, which requires foreign banks to report accounts held by U. S. citizens to the IRS.
Many banks abroad simply refuse to serve American clients rather than deal with the paperwork.
Half of Expats Consider Giving Up Citizenship
A 2025 survey found 49% of American expats are planning to or seriously considering renouncing their citizenship, up from 30% in 2024.
More than half of those considering renunciation cited dissatisfaction with the direction of the U. S. government as a top reason. Millennial and Gen X expats were most likely to consider giving up their passports, at 60% and 54% respectively.
Expat parents with children under 18 were especially likely to consider renunciation, with 71% having weighed the idea. The numbers suggest something deeper than tax frustration.
Clients Now Want Multiple Backup Plans
Immigration advisors say Americans are now layering multiple programs to cover different needs.
Clients combine a Caribbean citizenship for an alternate passport with residency in Europe or Asia where they might actually live. A single golden visa in Portugal no longer feels like enough.
Advisors report clients want “a solid Plan C as an extra layer of security beyond their existing passports and residencies.”
The strategy treats citizenship the way investors treat stocks: diversify across regions, hedge against political risk, and plan for scenarios you hope never happen.
Citizenship Becomes Generational Wealth Planning
For some Americans, the goal is lower taxes or asset protection. For others, it is lifestyle and safety.
But for many, it is about ensuring their children inherit not just wealth but global mobility.
Henley & Partners calculates that roughly 134,000 millionaires relocated in 2024, with 142,000 expected in 2025, the highest numbers on record.
Americans are now treating citizenship and residency as a portfolio strategy. As one advisor put it: “It’s not just about travel anymore. It’s about wealth planning for the next generation.”
This article was created with AI assistance and human editing.
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