The world’s richest people are putting together doomsday plans because of the COVID-19 pandemic, as well as the present current political climate. For several people, the very first step is getting second citizenship – the cheapest can cost $2 million.
“Citizenship by investment” programs are offered all throughout the globe, and recently, there has been a dramatic surge in applications.
According to Graham Rapier of Business Insider, Henley & Partners, a passport broker based in London, has reported a 42% increase in citizenship applications this year.
The demand is specifically high in the small European countries of Cyprus and Montenegro. Both budding luxury destinations offer access to Europe. Cyprus has witnessed a spike of 75%, while Montenegro saw a 142% surge in applications.
Montenegro, which is around the size of Connecticut and can be found at the Adriatic sea, has been labeled “the next French Riviera”, Katie Warren of Business Insider reported. Cyprus, on the other hand, provides glitzy accommodations and waterfront views.
The baseline price for second citizenship in Cyprus is around $2.5 million. In Montenegro, it’s a lot lower at $294,000.
Cyprus is already an EU member, while Montenegro wishes to join. The thing is, their reported connections to international money laundering, at times through visa programs, have made their membership status questionable.
Back in March 2019, the European Union gave Montenegro until December to improve its tax transparency. If not, they will be blacklisted. This year, Cyprus announced its plans to tighten the requirements in its “citizenship by investment” program. This is after EU authorities warned that it’s vulnerable to exploitation.
The interest in buying passports is likely to continue increasing.
The search for coronavirus-free havens
Second passports? Some ultra-rich travelers are simply searching for a safe, remote area where they can stay with their families, in case another pandemic happens. Even if there’s no immediate access, these people want to prepare for the next outbreak.
If you have a net worth of around $1 million to $10 million, try looking at the Caribbean as your safe haven. For instance, a rich Bangladeshi clearly holds one of the worst passports in the entire globe, in terms of travel freedom. A visa is always required to travel. However, if this wealthy man donates $200,000 to the government of Antigua and Barbuda, his family can acquire a second passport in around 4 to 6 months. You can get more articles such as this one on Quikmaps website.