Citizenship for sale: how the rich shop for new passports
Citizenship-by-investment programmes offer the super-rich an opportunity to acquire a new nationality
It’s the must-have accessory for every self-respecting 21st-century oligarch, and a good many mere multimillionaires: a second – and sometimes a third or even a fourth – passport.
But there are as many as two dozen other countries, including several in the EU, where someone with the financial resources of the Chelsea football club owner could acquire a new nationality for a price: the global market in citizenship-by-investment programmes – or CIPs as they are commonly known – is booming.
The schemes’ specifics – and costs, ranging from as little as US$100,000 to as much as US$2.5 million – may vary, but not the principle: in essence, wealthy people invest money in property or businesses, buy government bonds or simply donate cash directly, in exchange for citizenship and a passport.
Some do not offer citizenship for sale outright, but run schemes usually known as “golden visas” that reward investors with residence permits that can eventually lead – typically after a period of five years – to citizenship.