Where Asian HNWI Put Money for a Second Passport in 2026: Programs, Pricing, and Trends

In private banking offices around Marina Bay, a second passport is increasingly becoming a standard item on wealth management agendas. It is typically discussed alongside setting up trust structures and preparing for wealth transfer. The trend is also visible in the numbers: in 2025, an estimated 142,000 millionaires were expected to move between countries, and projections aligned with research on private capital migration suggest the figure could rise to about 165,000 in 2026.

Asia plays a major role in this flow. The region is expected to generate more than 100,000 new millionaires in 2025 and—according to one estimate—holds roughly one third of global private wealth. At the same time, the region’s biggest economies are also seeing outflows of wealthy individuals: in China, the past year reportedly brought a net loss of several thousand millionaires, while India saw an estimated loss of around 4,300.

Importantly, only about 30% of migrating millionaires apply through formal investor migration programs. The rest use other pathways—work, family, inheritance, or retirement visas. For many families, investment routes are especially relevant because “just moving” is not always feasible: capital movement may be restricted, business ownership can keep the individual tied to the home country, or the family may want a “backup exit” strategy for the future.

A View from the Wealth Management Center

For the past five years, Singapore has been steadily positioning itself as a place where Asian wealth is not only stored but also administered. One of the clearest signals is the rise of family offices and the growing number of residents receiving tax incentives. According to figures discussed by the regulator in Parliament, the number of such favorable decisions by the Monetary Authority of Singapore increased from roughly 400 at the end of 2020 to more than 2,000 by the end of 2024—nearly a fivefold jump.

Today, around 242,400 resident millionaires live in the city. Over the decade, the figure has grown by about 62%, placing Singapore among the most affluent cities worldwide. This is also where it becomes especially clear how wealthy families plan their next step in risk management and long-term planning.

Where the “Second Passport” Goes

Grenada offers one of the most transparent pictures: its Investment Migration Agency publishes the applicants’ nationalities. In 2024, Chinese citizens were the largest group among citizenship applicants—23% of applications and 28% in the first half of the year. Demand is also influenced by accessibility: a Grenadian passport provides one of the few visa-free routes to China among Caribbean options.

By 2025, Nigeria and its applicants took the top spot in the application table. However, this shift is not so much a “pivot from Asia” as it is an expansion of the buyer base: Chinese figures remained stable, while growth came from other source countries. The practical takeaway is simple: the choice of a Caribbean passport for a specific client is not determined solely by where it ranks—it depends on where exactly the family plans to travel, where banking activity will be conducted, and how taxation will be structured.

Portugal’s program is among the earliest and most scaled. Since its launch in 2012, it has relied heavily on Chinese capital: Chinese citizens remain the largest investor source across the entire period—around 42% of the total number of investors, with a cumulative investment pool exceeding €7 billion (based on immigration statistics). Later, demand broadened: applications increased from the United States and the United Kingdom, and interest also intensified noticeably from Taiwan and Hong Kong—so Asia continues to be one of the key sources of interest. At the same time, Portugal clearly demonstrates another trend: conditions can change quite quickly.

2026 Entry Threshold: What’s Changing

For a long time, Caribbean jurisdictions set a “price corridor” and kept it relatively stable. For most applicants under the programs of Antigua and Barbuda, Grenada, Saint Lucia, and Saint Kitts and Nevis, the entry fee typically stayed in the range of about $230,000–$250,000 per case.

Against that backdrop, Vanuatu stands out for speed. A passport can be issued in about two months, and the deposit is around $130,000—roughly half the Caribbean threshold. Nauru, which launched a climate resilience program in 2025, set the base contribution at $115,000. And São Tomé and Príncipe, connected to the Portuguese-speaking world, opened its program in September 2025 below the Caribbean range and received 98 applications in its first 4.5 months.

In January 2025, an IMF working paper noted that part of the differences in requirements is driven by competition. Smaller island states expand and “tune” their programs in response to what neighboring countries do—pushing the market on price and timelines. For the smallest economies, these contributions are indeed meaningful, for example for Saint Kitts and Dominica.

The Core Challenge: Programs on Paper Don’t Equal the Real Outcome

In comparison tables, many programs can look interchangeable, but the real situation for a family changes the picture quickly. A telling example is Portugal. Today, the route via funds is facing an AIMA queue measured in years, and from May 2026 a new law has taken effect, increasing the residence requirement for citizenship for most applicants from 5 to 10 years. The clock starts only after the relevant permit is issued.

A family that needs a fast and relatively affordable passport—and a family building its strategy specifically around European citizenship—are not buying the same “product,” even if the initial goal sounds identical at the first consultation. That is why the professional task begins before any money is spent: it is necessary to understand what exact result the family wants—and within which timeframe.

Another factor is enhanced compliance. Joint guidance from the Financial Action Task Force and the OECD has pushed programs toward deeper checks. In truly “reliable” jurisdictions, the source of funds is reviewed before an application is considered. For a client whose wealth is legitimate but structured in a complex way (corporate accounts, multiple currencies, different countries), the document volume itself becomes an argument for working with specialists.

Which format fits best depends on questions rarely reflected in marketing materials: are there US tax risks, how exactly were the funds formed (personally or through a company), and is there a real plan for relocation—or is the passport needed as an optional reserve? The answers change the “basket” of available programs.

Singapore’s Advantage and How Decisions Are “Sorted”

These problems are addressed especially systematically in financial hubs. For example, EC Holdings structures its work from the Ocean Financial Centre office and focuses not on a “full catalog,” but on a short, deliberate list of programs that match different scenarios.

For the citizenship direction, the company covers the full set discussed here: Grenada, Antigua and Barbuda, Saint Kitts and Nevis, Saint Lucia, Vanuatu, Nauru, and São Tomé and Príncipe. For the residency direction, it also works with European and US routes: Portugal and Latvia, and from other countries—Monaco, the Bahamas, Paraguay, and Uruguay.

This selectiveness is part of the service. The idea is that the “value of a passport” must be balanced with sufficient rigor in due diligence so that the status remains relevant. Working with clients from more than 100 countries, the firm tracks how Asian demand shifts even before it becomes a mainstream market trend.

For a family comparing a “Pacific passport” versus “European residence,” or questioning whether a faster and cheaper citizenship route delivers the same effect as a slower and more expensive one, sorting options is best done at the start. EC Holdings begins the consultation with the family’s real circumstances—not with wording taken from brochures.

If you’re considering a second passport as a way to protect wealth and plan for your family, it’s crucial to understand which investment-based programs remain most relevant in 2026—and how pricing, eligibility, and requirements are evolving. At Digital Nomad, we help you navigate current options: from choosing the right jurisdiction to document preparation and risk assessment. Explore the best paths for your case: https://digital-nomad.gr/en/goldenvisa

Our Telegram channel about various types of Greek residence permits, digital nomad programs, and the Greek Golden Visa: @digitalnomadgr