America’s super-rich rush to hunt for “golden passports” abroad

According to immigration investment firms, the number of super-rich Americans buying “golden passport” in other countries has skyrocketed since 2019. In particular, individuals seeking second citizenship abroad have increased by 300%. The price for each passport ranges from $ 100,000 – $ 9.5 million / passport depending on the country, according to Sputnik.

More and more tech entrepreneurs, celebrities and super-rich individuals are going through “Citizenship by Investment” (CIP) programs for backup. Currently, more than a dozen countries offer golden passports and visas that allow wealthy foreigners to obtain citizenship or residency in exchange for investing in the country. According to Forbes, the most expensive programs range in price from $1.1 million in Malta to $9.5 million in Austria.

“We view these plans as an insurance policy. Several billionaires have reached out to us and asked where would be the best 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 Client Services at Henley & Partners, there are four reasons why the number of people looking to the golden passport is increasing: COVID-19, climate change, cryptocurrencies and conflict.

The head of a company that specializes in naturalization by investment said that in the past three years, he has received more requests for golden passports than in the previous 20 years combined. In particular, manager Soleiman shared, one destination that seems to have a special appeal to the rich in America is Portugal.

“Portugal is the next California for Americans who consider European citizenship as a “legacy plan” for their children and grandchildren, citing its relatively low cost ($200,000) and ease of travel within the United States. Europe,” added Mr. Soleiman.