Many Americans are applying for second or even third citizenship, and according to Henley & Partners, a high-profile law firm, one of the most popular passports is the Greek one, as reported by the American network CNBC.

Mainly affluent US citizens seek alternatives in case they are forced to leave their country, the American publication asserts, adding: The top destinations for supplementary passports for Americans are Portugal, Malta, Greece, and Italy.

“The US continues to be a strong country, having a strong passport,” said Dominic Volek, head of Henley & Partners Group, however, he added:

“But if I’m wealthy, I would like not to feel instability and uncertainty. It doesn’t make sense to have only one country of citizenship and residence when I have the opportunity to truly diversify this aspect of my life,” he added.

Tech billionaire investor Peter Thiel recently acquired a second citizenship, opting for New Zealand. But even the former CEO of Google, Eric Schmidt, has applied for citizenship in Cyprus.

According to the law firm Henley & Partners, Portugal’s “Golden Visa” program is particularly popular, as it provides residence and citizenship — with visa-free travel in Europe — in exchange for a €500,000 investment in a fund or private equity. Malta offers a Golden Visa in exchange for a €300,000 investment in real estate and has become particularly popular among Americans.

“With Malta, you become a European citizen, with full settlement rights throughout Europe,” said Volek. “So you can live in Germany, have your children study in France, and have the right to live, work, and study throughout Europe.”

Moreover, a second passport facilitates travel for Americans traveling to parts of the world that are less friendly to the US.

“For Americans, Britons, and Israelis who are not sure about their reception abroad, supplementary passports provide flexibility,” according to a Henley report.

“With increasing global instability, citizenship in another country, particularly in a country considered more neutral or politically neutral, now provides a valuable alternative option.”

Another reason is for business trips, which may be safer with a passport outside the US in many countries. High-ranking business executives from the US could become targets of “hostage-taking or terrorism in high-risk countries they must travel to for business purposes.”

A second passport can also facilitate financial transfers or deals within the new country.

There are also some wealthy Americans who simply want a second home for when they retire or a new life in the era of remote work.

On a global scale, millionaire migration is expected to reach a new high this year, as wars, government crackdowns, and political uncertainty drive more wealthy residents to other countries.

It is estimated that 128,000 millionaires are expected to move to a new country this year, up from 120,000 in 2023 and from 51,000 in 2013, according to Henley.

However, the US remains the top destination for millionaires leaving other countries, with a net inflow of 2,200 millionaires in 2023 and a projected inflow of 3,500 in 2024, according to Henley.