The surging interest in Portugal's Golden Visa programreflects broader global trends in dual citizenship acquisition that haveaccelerated dramatically since 2020. Understanding these macro trends providesessential context for evaluating Portugal's residency-by-investmentopportunity.
Dual citizenship has transformed from a legal anomaly into astrategic asset for global mobility and risk management. In 1990, onlyapproximately 45 percent of countries allowed dual citizenship with the UnitedStates. By 2025, that proportion has increased to 76 percent, reflecting afundamental shift in how nations view multiple nationality status.
This transformation stems from several converging factors.The decline of military conscription in most developed nations removed one ofthe primary historical objections to dual citizenship, which had long beenviewed as creating conflicting loyalty obligations. Economic globalizationincreased the value of international mobility for business and investmentpurposes. The COVID-19 pandemic dramatically illustrated the importance ofholding citizenship in countries with different entry restrictions, healthcaresystems, and political stability levels.
Professor Peter Spiro of Temple University Law School, aleading expert on citizenship law, notes that reliable global statistics ondual citizenship remain elusive because most countries do not require citizensto declare additional nationalities. However, available data points revealsignificant growth. The 2021 census in England and Wales found that 2.1 percentof residents reported holding multiple passports, compared to 1.1 percent in2011. Survey data from the United States suggests approximately 6 percent ofAmericans now hold dual citizenship.
American citizens have emerged as the single largest sourceof demand for investment migration programs globally, representing a notableshift from historical patterns when such programs primarily attracted clientsfrom emerging markets seeking greater political and economic stability.
Henley & Partners, one of the world's leadingcitizenship-by-investment advisory firms, reports that American citizens nowaccount for approximately 30 percent of all investment migration applicationssubmitted through their services in 2025, nearly double the combined total ofthe next five investor nationalities, which include Turkey, India, China, andthe United Kingdom. This represents a 162.5 percent increase in American GoldenVisa applications to Portugal specifically between 2022 and 2023.
Other citizenship advisory firms report even more dramaticgrowth. Latitude Group indicates that American applications for secondcitizenship or residency have risen by 1,000 percent since 2020, while ArtonCapital reported a 400 percent increase in American clients during the firstthree months of 2025 compared to the same period in 2024.
The drivers behind American demand reveal the evolvingmotivation for dual citizenship. Rather than traditional immigration seekingpermanent relocation, contemporary dual citizenship functions primarily as whatadvisors term an "insurance policy" against political uncertainty,economic instability, healthcare access concerns, and unpredictable travelrestrictions. Industry professionals note that most American clients explicitlystate they do not wish to leave the United States but want to establish the optionto relocate if circumstances change.
While demand for dual citizenship and alternative residencyoptions continues growing across all major markets, the supply side hastightened considerably, particularly within the European Union. This dynamiccreates urgency for prospective applicants and increases the strategic value ofremaining accessible programs like Portugal's Golden Visa.
Several European countries have eliminated or severelyrestricted their citizenship-by-investment programs in recent years. Maltaterminated its citizenship program in 2025 following a ruling by the EuropeanUnion's highest court. Spain ended its Golden Visa program in April 2025.Ireland and the United Kingdom previously discontinued their programs, whileCyprus and Bulgaria eliminated theirs following EU pressure and concerns aboutdue diligence standards.
Italy implemented emergency restrictions on citizenship bydescent in 2025, limiting eligibility to two generations and requiring that themost recent ancestor in the line was born in Italy and died exclusively as anItalian citizen. Several Italian judges have referred this restrictive law toItaly's Constitutional Court for review, with hearings scheduled for March2026.
These supply constraints reflect multiple policyconsiderations. Housing affordability concerns drove several reforms,particularly in Spain and Portugal, where foreign real estate investment wasblamed for pricing local residents out of urban markets. Security concernsabout inadequate due diligence in some programs prompted EU enforcementactions. Political pressure from voters concerned about immigration levelsinfluenced decisions to restrict programs that technically granted residencyrather than requiring traditional immigration pathways.
The result is a narrowing window of opportunity forthose seeking European Union residency and citizenship through investmentprograms. Portugal's decision to maintain its Golden Visa program whileeliminating only the real estate investment option positions the country as oneof the few remaining accessible pathways to EU citizenship for non-Europeaninvestors.
Readers interested in this topic can explore Strategic Global Mobility Asset and Why Portugal Remains.
