Wealthy Nigerians are increasingly examining international relocation options, with citizenship by investment (CBI) programmes in the Caribbean and residence-by-investment programmes such as Portugal’s Golden Visa attracting particular attention.

The trend is not difficult to understand. Political and economic uncertainty, concerns about personal security and the desire for greater international mobility are encouraging high-net-worth individuals to consider a second jurisdiction.

A December 2020 Al Jazeera report noted that applications by Nigerians to Henley & Partners had increased by 185% during the first eight months of 2020, making Nigerians the second-largest nationality applying for such programmes after Indians.

A February 1, 2021 BusinessDay interview similarly highlighted growing Nigerian interest in dual citizenship, including the Grenada citizenship-by-investment programme.

The Value of a Second Passport

For a wealthy Nigerian, a second passport is not necessarily about leaving Nigeria permanently. It can provide optionality.

A second citizenship can provide an alternative in the event of political instability, civil unrest, economic disruption or other circumstances that make remaining in one jurisdiction less attractive.

It can also materially improve international mobility. In 2021, passport rankings showed a substantial difference between the international mobility available through a Nigerian passport and that available through leading Caribbean citizenship programmes.

For internationally active entrepreneurs and investors, that difference can have practical commercial value.

Business and Investment Opportunities

A second citizenship can also broaden the geographical range within which a family can conduct business, establish residence and access international markets.

This is particularly relevant where the objective is not immediate relocation but rather the creation of a Plan B.

That concept was already being highlighted by industry participants in early 2021, as Nigerian investors increasingly considered citizenship and residence programmes as a means of expanding their global opportunities.

Portugal offers a different proposition.

Its Golden Visa is a residence programme rather than citizenship by investment, providing a route for qualifying investors to obtain Portuguese residence. Importantly, Portugal had already established an investment-fund route.

For wealthy Nigerians, this creates an alternative to the Caribbean model: rather than acquiring citizenship immediately, an investor can establish a European residence option while retaining flexibility over future decisions.

Wealth Preservation and Optionality

Taxation is another consideration, although it should not be assumed that every citizenship or residence programme automatically produces a favourable tax outcome.

The more important principle is jurisdictional diversification.

A wealthy individual can diversify investments, banking relationships, business operations and residence. A second passport or residence right can therefore form part of a broader wealth-management strategy designed to reduce dependence on a single political or economic environment.

This is consistent with the broader wealth-migration themes I have discussed in US Taxes Set to Rise.

Quality of Life

There is also a personal dimension.

International residence can provide families with access to alternative education systems, healthcare, infrastructure and living environments. For wealthy families, these considerations can be as important as taxation or investment returns.

The objective is therefore not necessarily to abandon Nigeria.

It is to create alternatives.

Options Matter

The growing interest of wealthy Nigerians in investment migration reflects a broader change in how internationally mobile wealth is managed.

Citizenship by investment in the Caribbean can provide a second passport and enhanced mobility. Portugal’s Golden Visa offers a different route through residence and investment.

Neither necessarily requires an immediate decision to relocate permanently.

That is precisely the attraction.

For wealthy Nigerians, the ability to choose where to live, invest and conduct business can itself be an important form of wealth protection.

In an increasingly uncertain world, having a second jurisdiction available may be as valuable as having a second investment portfolio.