PLAN B

Wealthy Americans Flock to Asia For Second Passports

Cheap visas in Asia and Latin America are increasingly being seen as an insurance policy in a time of global uncertainty.

Affluent Americans seeking to flee the U.S. are taking cues from European elites by applying for second passports in cheap, exotic countries in Asia and Latin America, according to immigration advisors. In the past, Americans applying for visas in Europe and the Caribbean saw the move as a “backup plan,” explained advisor Steve Corbin. But “Asia and Latin America are much more, ‘I want to move within the next 6 months or so,’” he added. So far, Panama, Costa Rica, and Uruguay have emerged as frontrunners for people looking to leave the country, due to their proximity to the U.S. mainland and scenic lifestyle. “It ticks the boxes: lower thresholds than Europe, tax benefits, safety, and a lifestyle people describe as ‘Pura Vida,’” explained wealth management consultant Michel Soler. Asia, meanwhile, has emerged as a popular second destination due to its lower crime rates, world-class healthcare, and much lower cost of living. For some, the move is about spreading their assets and paying taxes. But for others, the ‘Plan B’ passport is a way of providing extra security and ensuring global mobility in times of upheaval. “It’s not just about travel anymore,” said Soler. “It’s about wealth planning for the next generation.”