The ease with which you can travel the world and how long you can stay at your chosen destination depends entirely on your passport.
That’s why the ultra-wealthy have not just one, but two or three passports and multiple citizenships, along with all the privileges these documents confer.
To obtain a golden passport, all you need is money – something between $100,000, among the cheaper options, and over $1 million among the more expensive ones, invested in property or public goods. In many places, it is not even necessary to reside in the country where you seek citizenship.
About 22 countries have legal provisions that allow citizenship by investment. According to Kristin Surak, a political sociologist at the London School of Economics, whose book “The Golden Passport: Global Mobility for Millionaires” covers eight years of research on the subject, Malta, a picturesque archipelago off the coast of Italy, has long been a favorite among the public, but it is also one of the most expensive citizenships, requiring investments, charitable donations, and property purchases totaling over 1 million euros. After all, Maltese citizenship guarantees free access to European Union countries.
Cyprus, another country that provides access to Europe, has also been at the top of the list, but its citizenship by investment program was terminated after an Al Jazeera investigation revealed that the country had already granted passports to criminals.
Other trending countries that provide access to Europe include Slovakia, Hungary, and Austria. Unlike many similar programs, Austria’s does not specify an investment amount; candidates can simply make significant contributions to charity or research and obtain citizenship.
According to Surak’s research, Turkey is experiencing a peak moment. Its program has grown due to increased movement in the Middle East and Russia. “It’s only $250,000,” says Surak. “Turkey is still naturalizing Russians, so there is now a huge Russian demand.”
This path to citizenship is quite recent, having emerged in the 2000s, according to Surak. Annually, he says, about 50,000 people (including family members of applicants) are approved for citizenship through investment programs.
For some nations, the money from citizenship investments represents a significant part of their economy: in the lush Caribbean nation of Saint Kitts, Surak’s research found that investment programs in exchange for passports account for over 40% of its GDP.
Once a person becomes a citizen, it is difficult for them to be expelled, says Surak. That’s why golden passports are attractive to wealthy individuals looking for possible exits if their home countries become politically unstable (or hostile to the rich) or if they fear that legal action may be taken against them. In other words, an extra citizenship can be a layer of protection for these individuals.
It is also why some critics, including the European Commission, vehemently oppose golden passports. Critics argue that the risk of providing a getaway location, a hideout for criminals, is too high.
Last year, after Russia’s invasion of Ukraine, the commission urged European nations to stop selling citizenship to investors, particularly to Russian candidates. In September 2022, the commission sued Malta in the EU Court of Justice, arguing that its program was incompatible with the principle of “sincere cooperation” among member states. No judgment has been made yet, but the EU’s appeals are set to be heard. Bulgaria ended its citizenship program for investors last spring; earlier this year, Ireland and Portugal announced they would be ending their popular “golden visa” programs.
Source: Vox