Key Takeaways:
- A significant increase in wealthy Americans purchasing second passports, commonly referred to as “golden passports,” has been observed, driven by concerns over political instability, climate change, and the desire for greater travel freedom.
- Countries like Portugal, Malta, and Cyprus are popular choices, offering citizenship or residency in exchange for substantial investments.
- Despite acquiring second passports, many wealthy individuals do not relocate but seek them as a security measure or to maintain global mobility, especially during crises like the pandemic.
What It Says:
A recent CNBC article examines the trend of affluent Americans acquiring second passports as a precautionary measure against perceived risks such as political upheaval, climate disasters, and restricted travel due to the COVID-19 pandemic. This practice has grown significantly over recent years, with investment migration firms reporting surges in inquiries and applications from U.S. citizens.
These “golden passports” are typically obtained through significant financial investments in foreign countries, which grant either citizenship or residency in return. While the motivations vary, common themes include the desire for increased global mobility, tax optimization, and a safety net against potential future crises.
However, despite the legal acquisition of new citizenships, most applicants do not intend to abandon their U.S. residency. The article highlights both the increasing popularity of these programs and the ethical and regulatory questions they raise regarding citizenship and national identity.
Citation:
Information for this summary was gathered from a CNBC article. For more detailed coverage, you can view the original content here.