According to Knight Frank’s Wealth Report 2024, a remarkable 43% of high-net-worth individuals (HNWIs) in Latin America are planning to acquire a second passport, more than double the global average. This surge in interest is not a coincidence. As regional instability and economic volatility persist, Latin America’s elite are proactively securing their wealth, enhancing their global mobility, and future-proofing their families’ access to international opportunities. Dual citizenship has emerged as a key strategic move, driven by factors such as political instability, fluctuating currencies, and unpredictable regulations.
Economic decline and wealth flight
Latin America experienced a sharp decline in financial wealth and a reduction in the HNWI population in 2024, largely due to escalating trade tensions between China and the United States. The region’s financial wealth dropped by 2.6%, and the number of HNWIs fell by 8.5%, reducing the population to 587,000. The number of individuals with assets exceeding $30 million in the region also decreased by 7.6%, while those with assets between $5 million and $30 million dropped by 8.2%.
Brazil, the region’s largest economy, saw a 2.6% decline in HNWI wealth and a 13.3% fall in population, while Mexico faced a 7.5% drop in wealth and a 13.5% decline in HNWI numbers. Currency depreciation, particularly in the Brazilian real (down 21.6%) and the Mexican peso (down 2%), exacerbated these declines, further discouraging investment and reducing the dollar value of local assets. Latin American equities were the worst performers globally in 2024, with the MSCI Latin America index dropping by 12.3%, compared to significant gains in the U.S., Asia-Pacific, and Europe.
Why wealthy Latin Americans are seeking dual citizenship
A record number of millionaires in Latin America are pursuing migration plans, with Brazil, Mexico, Colombia, and Argentina projected to see the highest outflow by 2025. Popular destinations for these expatriates include Portugal, which is particularly attractive due to its shared language, culture, and fast-track citizenship process. Spain also remains a prime choice due to their strong economic ties and lifestyle appeal. Since 2020, Mexicans alone have invested over €700 million (US$819 million) in Spanish real estate, seeking EU access and expedited citizenship processes.
For many affluent families in Latin America, second citizenship offers several tangible benefits. Dual nationality provides greater global mobility, with visa-free or visa-on-arrival access to Europe, Asia, and the Americas, facilitating both business and leisure travel. It also offers asset protection by allowing individuals to diversify their wealth into stable jurisdictions with favourable tax regimes. This provides not only financial security but also an exit strategy for family members in times of political, economic, or personal crises. Additionally, second citizenship provides access to world-class education and healthcare systems abroad, which is particularly valuable for younger generations.
The desire for greater flexibility and resilience is reshaping how Latin American wealth is structured and protected. The growing interest in dual citizenship reflects a shift from wealth preservation to comprehensive global access and security.
Popular RCBI programmes for Latin American investors
Several residency and citizenship by investment (RCBI) programs are gaining strong traction among Latin American investors due to their fast-processing times and expansive travel benefits.
Portugal’s Golden Visa program is especially attractive for those seeking EU residency and access to the Schengen Area, with eventual eligibility for citizenship. The program is popular with investors seeking a European lifestyle, top-tier education, and long-term relocation options. The investment required starts from EUR 200,000.
Greece’s Golden Visa program appeals to investors seeking EU residency and Schengen access, with a pathway to citizenship. It draws those interested in a Mediterranean lifestyle, quality education, and long-term relocation. The investment requirement starts from EUR 250,000 in Greek real estate.
The Caribbean Citizenship by Investment programs of Saint Kitts and Nevis, Dominica, Antigua, Saint Lucia, and Grenada remain a preferred choice for investors seeking swift processing, no residency requirements, and strong passports offering visa-free travel to more than 130 countries. With minimum investment options starting from USD 200,000, these programs appeal to families looking for stability, global mobility, and wealth protection. Grenada’s CBI program also provides access to the U.S. through the E-2 Visa treaty, making the Caribbean a top choice and an attractive solution for entrepreneurs and business owners.
The new standard of wealth planning
In today’s increasingly connected and volatile world, dual citizenship has become not just a luxury but a necessity for Latin America’s wealthy. As they face geopolitical uncertainty, economic instability, and financial challenges, HNWIs are embracing second citizenship as an essential tool for securing their wealth, mobility, and family’s future.
Citizenship Invest is here to guide you through the process, from programme selection to application support. Our experts are ready to help you build a secure, mobile, and globally connected future, ensuring that your wealth and legacy are protected.
