Passports For Purchase: How The Elite Get Through A Pandemic
(CNN) — For most people, the coronavirus pandemic has meant fewer travel options. Not so for super-rich families who are increasingly using their money to cross borders that would otherwise be closed to them.
This is the elite world of investment migration, where passport applications are based not on nationality or citizenship, but on wealth and the willingness to move it around the planet.
These so-called citizen-by-investment programs, or CIPs, are currently a growth industry, as are residence-by-investment arrangements, also known as "golden visas."
They're a way for ultra-rich individuals to not only diversify their portfolio by moving their money into a country, but also receive the benefits of citizenship, including a new passport.
Over the past five to 10 years, the primary motivations amongst CIP participants – who tend to have a net worth of anywhere from $2 million to over $50 million – have been freedom of movement, tax benefits and lifestyle factors, such as better education or civil liberties.
But with COVID-19 dramatically transforming our 2020, some elite families are also considering healthcare, pandemic responses and potential safe havens to ensure they have a backup plan for the future.
