Henley & Partners, a law firm that specializes in garnering dual citizenship for the wealthy, is seeing a rise in clients applying for a second citizenship in anticipation of “volatility and uncertainty.”
“The U.S. is still a great country, it’s still an amazing passport,” Henley & Partners executive Dominic Volek reportedly said Tuesday, adding, “But if I’m wealthy, I would like to hedge against levels of volatility and uncertainty.”
Volek continued, “The idea of diversification is well understood by wealthy individuals around what they invest. It makes no sense to have one country of citizenship and residence when I have the ability to actually diversify that aspect of my life as well.”
Americans are now outnumbering other nationalities in acquiring a dual citizenship, according to the law firm.
While the “exit tax” of renouncing citizenship can
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