Why the wealthy are splashing out on second passports
A survey shows 89 per cent of people would like to own a second passport, so check out the top 23 ranked countries for attracting investment for citizenship
The super-rich are no longer just spending their money on private jets, yachts, and hotels – they are also splashing out on second passports.
The “Second Citizenship Survey 2017” report, produced by CS Global Partners, the legal consultancy company, found that 89 per cent of people would like to own a second passport, and more than 34 per cent said they had looked into investing in a second citizenship.
Even more striking were the 80 per cent of respondents, who said they would be willing to invest or donate 5 per cent of their annual salary for a second citizenship – more than they spend on monthly rent.
Luckily, a number of countries offer Citizenship by Investment (CIP) programmes where money – normally invested in real estate – can actually buy a second passport, and the elite status that comes along with owning citizenship in another country.
For a lot of wealthy people having a second or third passport is important for the ability to travel. For some it's also a status symbol, like buying a fancy car to show your friends
Other programmes offer “elite residency” – an extended visa with perks – in exchange for similar investments.
Nuri Katz, president of Apex Capital Partners, an international advisory firm that specialises in CIPs, said: “For a lot of wealthy people having a second or third passport is important for the ability to travel.
“For some it's also a status symbol, like buying a fancy car to show your friends.”
He said that along with the travel benefits and the status that comes along with owning property around the world, the programmes also allow people to manage their tax burdens.
“Second citizenship is becoming more than just getting a passport,” he said.