Malta continues to feature prominently in the growing trend of wealthy Americans collecting second and third citizenships as a hedge against political and economic uncertainty at home, according to a new Forbes report on the investment migration industry.

The article, published by Forbes travel writer Suzanne Rowan Kelleher, cites investment migration advisors describing a dramatic shift in their client base. Eric Major, CEO of advisory firm Latitude World, told Forbes that Americans have grown from a small fraction to the majority of his business since 2019.

Malta's changing offer

Malta's own citizenship-by-investment programme - long one of Europe's most popular fast-track routes to an EU passport - was dismantled following a landmark European Court of Justice ruling last year. In its place, the country has introduced a narrower, more discretionary "citizenship by merit" framework, requiring applicants to demonstrate exceptional contributions rather than simply making a direct financial investment.

Despite the stricter criteria, Malta has not fallen off the radar of high-net-worth Americans. Major told Forbes his firm expects to process around 50 Maltese applications this year alone, suggesting the island retains its appeal even in its new, more selective form.

Part of a wider pattern

The Forbes piece frames Malta's evolution as part of a broader tightening across Europe's residency-and-citizenship-by-investment landscape: Greece has sharply raised its golden visa thresholds, Spain scrapped its programme entirely, and Portugal has doubled its residency requirement before citizenship eligibility. Advisors say this has pushed some wealthy applicants toward alternative routes – ancestry-based citizenship in Ireland and Canada, Caribbean citizenship-by-investment schemes, and, for the ultra-wealthy, New Zealand's multimillion-dollar investor visa.

Separately, the report notes that the White House's own "Trump Gold Card" investor visa - pitched as a $5 million fast-track to U.S. residency - has fallen well short of its stated goal of one million sales, with the price since cut by 80 per cent and its tax abatement removed.

The bigger picture

Forbes points to data from Henley & Partners showing inquiries from U.S. nationals about alternative residence or citizenship rose 183 per cent year-on-year in the first quarter of 2025 following the last U.S. election. A forthcoming study from advisory firm Apex Capital Partners reportedly found that 61 per cent of Americans earning over $200,000 a year are considering a move abroad within five years - with cost of living and political climate cited as the top drivers, evenly split across the political spectrum.

For Malta, the takeaway is notable: even after losing the simplicity of its old passport-for-investment model, the island remains one of the names advisors still bring up when wealthy Americans ask about a European "Plan B."