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Citizenship for sale: how tycoons can go shopping for a new passport
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| Contributor | IndyGeorgia |
| Last Edited | IndyGeorgia Jun 03, 2018 08:06pm |
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| Category | General |
| Author | Jon Henley |
| News Date | Saturday, June 2, 2018 03:00:00 PM UTC0:0 |
| Description | 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.
Israel, which helped Russian billionaire Roman Abramovich out of a spot of bother this week by granting him citizenship after delays in renewing his expired UK visa, offers free nationality to any Jewish person wishing to move there.
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 $100,000 (£74,900) to as much as €2.5m (£2.19m) – 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.
The programmes are not new, but are growing exponentially, driven by wealthy private investors from emerging market economies including China, Russia, India, Vietnam, Mexico and Brazil, as well as the Middle East and more recently Turkey. |
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