
The New Must-Have Asset? A Portfolio of Passports with Dominic Volek
Serious Coin
Seeking Optionality Through Global Residence and Citizenship
The conflict between Ukraine and Russia prompted Europeans to seek plan B options for residence and citizenship outside of Europe, which led to a shift in focus towards regions like South America and Southeast Asia. The primary driver remains travel freedom but having multiple residence and citizenship options for optionality is crucial. This global trend of obtaining multiple citizenships is akin to a trading game with passports, with Americans looking to Europe for plan B options and Europeans seeking alternatives in Asia or Africa. Wealthy individuals are interested in having a portfolio of residencies for flexibility and security. Tracking millionaire migration reveals which countries are experiencing net inflows and outflows due to these global shifts.