The second passport market has inverted. Demand is spiking while supply is contracting and every government knows it. The window is narrowing, not widening.
Second passports have shifted from a nice-to-have to a necessity. Americans, Brits, and Europeans are driving demand, not necessarily to move, but to hedge against politics, taxes, borders, education, healthcare, and uncertainty. I speak with dozens of people weekly. Each has a different priority, but everyone wants optionality.
Governments are intentionally reducing that optionality. Portugal is extending naturalization timelines. Malta shut down its primary investment program. Romania withdrew its residency by investment proposal before launch. Others will follow.
This creates a clear asymmetry: demand keeps rising, supply keeps shrinking. The outcome is predictable: higher prices and worse terms. Bookmark this: my expectation is constant increases in difficulty and/or pricing through 2026 and beyond.
At Bitizenship, we build program offerings where you don’t need to liquidate Bitcoin to secure residency or citizenship. Portugal, Italy, and more are launching in ’26. Maintain exposure to inflation-resistant assets while gaining long-term optionality. That’s our core thesis.