If you’re a millionaire there are certain things that are on your must-have list. A mansion, with a private pool of course, a sports car, a private jet, and now the ultra-rich have a new addition for the list. A second passport, or perhaps even a third.
Why would anyone want another passport? Well it’s the ultimate back-up plan. While some countries are safer than others, you can’t guarantee that it will always be that way. Be it political unrest, a revolution or even the threat of a natural disaster, when you’re a millionaire, you’ve got a lot of assets, and a lifestyle that you’ll want to protect. Having citizenship in another country gives you options that most people just won’t have. A place to escape to should it ever be necessary.
Most countries will allow foreigners to apply for citizenship if they are a legal resident of that country, but there are just 10 countries where you can attain outright citizenship, generally with an investment in business or property in that country.
There’s also another benefit, 8 of these 10 countries are classed as offshore financial centres, so while safety is the biggest draw, financial benefits are also a good plus point. While most people will never actually need their second passport, it’s become the latest status symbol for the rich. Yachts are so last year, now the thing to boast about is how many passports you have in your collection!
The price you’ll pay for citizenship…
By Devon Pendleton and Sam Dodge