Malta, the only remaining EU nation that has an active golden visa program, has become a high-interest destination for wealthy Americans, as the demand for golden visas and passports to this country has risen by 447 percent in the last five years.

The golden visa program enables foreign nationals to obtain temporary residence permits in exchange for investment, and according to experts, Americans’ interest in such programs has surfaced due to high-net-worth individuals seeking to secure their American lives in the middle of an era when inflation is soaring.

According to Henley and Partners, Americans have for the first time become the top nationality for most applications filed for golden passports and visas, leaving behind Chinese and Russian nationals, who have been historically holding first positions for most applications submitted,

We see these programs as an insurance policy. We’ve had some billionaires approach us and ask what’s the best place to live if there’s a climate catastrophe, or if there’s another storm, or another global pandemic,” Ezzedeen Soleiman, a managing partner at Latitude Residency & Citizenship, an investor immigration firm, told Insider.

In addition, the global investment expert, Jeff D. Opdyke noted that the social and political unrest as well as the shrinking middle-class phenomenon in the US are major push factors for Americans seeking opportunities in the EU.