'In the very strict lockdowns there was a point where if you only had an American passport, you could not enter Europe,' Volek said. 'I think that made a lot of particularly ultra-high net worth individuals realize that they're potentially a little bit more fragile than they thought.'

Malta offers EU citizenship to those who contribute more than $740,000 to the national development fund, more than $860,000 into real estate investment, more than $12,000 to charity, and provide proof of at least 36 months of residency in the country. 

Henley wrote in its report: 'UK has lost its wealth hub crown, and the US is fading fast as a magnet for the world's wealthy, with the UAE expected to overtake it by attracting the largest net inflows of millionaires globally in 2022'.

'It is currently one of the world's fastest-growing markets, with US dollar wealth growth of 87% between 2011 and 2021. Its citizenship by naturalisation process has brought substantial new wealth to the island nation and has been credited with propelling Malta's strong growth in multiple sectors including financial services, IT and real estate.'

The most popular destination for these wealthy expats is expected to be the United Arab Emirates (UAE) - who have taken the millionaire's playground title from traditional destinations like the US and UK.

Other issues said to have seen the demand for foreign passports spike include the likely end of Roe V Wade, which legalized abortion across the US, Florida's Parental Rights in Education Bill - better known as the Don't Say Gay Bill, as well as fears for the future of America's democracy following the Black Lives Matter and January 6 riots. 

Latitude Residency & Citizenship and Dasein Advisors, two other citizenship firms, said they too have seen more inquiries from American clients over the past three years than in the previous 20 combined. 

Andrew Amoils, the head of research at New World Wealth, which compiled the data, said: 'Affluent individuals have been emigrating from Russia in steadily rising numbers every year over the past decade, an early warning sign of the current problems the country is facing In the event you loved this post and you would like to receive more info concerning Mercan Grooup kindly visit the internet site. .