According to immigration firms, the number of super-rich Americans buying golden passports in other countries has skyrocketed since 2019. Specifically, individuals who want to own a second nationality abroad have increased by 300%. The price for each passport ranges from 100,000 USD - 9.5 million USD/passport depending on the country, according to Sputnik.
More and more technology entrepreneurs, celebrities and super-rich individuals are using the "Investment-oriented Citizenship" (CIP) programs as a backup. Currently, more than a dozen countries provide yellow passports and visas that allow wealthy foreigners to receive citizenship or residence in exchange for investment in the country. According to Forbes, the most expensive programs cost from $1.1 million in Malta to $9.5 million in Austria.
We consider these programs as an insurance policy. Some billionaires have reached out to us and asked us where the most ideal place to live in the event of a climate disaster or another global pandemic, said Ezzedeen Soleiman, managing partner of Latitude Residency & Citizenship.
According to the Director of Private Investment at Henley & Partners, there are 4 reasons for the increase in the number of people looking for gold passports: COVID-19, climate change, cryptocurrency and conflict.
The head of an investment naturalization company said that over the past 3 years, he has received a gold passport application for more than 20 years. In particular, Soleiman's manager shared that a destination that seems to be particularly attractive to the rich in the US is Portugal.
such as Portugal is the next California for Americans who consider naturalization as a heitage plan for their children and grandchildren, citing the relatively low cost ($200,000) and the ease of traveling within Europe, Mr. Soleiman added.
