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Over the last three years, the number of wealthy Americans seeking citizenship or residency in foreign nations has risen dramatically as US billionaires attempt to seek to create options for fleeing the country.
More than a dozen countries offer ‘golden passports’ and visas, which allow wealthy visitors to get citizenship or residency in exchange for making investments in the country. The most expensive initiatives cost between $1.1 million and $9.5 million in Malta and Austria, respectively.
COVID-19, climate change, cryptocurrencies, and violence, according to one of the largest ‘citizenship broker firms,’ currently drive those seeking golden passports. Between 2019 and 2020, this company's sales to Americans climbed by 327%, with another 10% increase in 2021.
According to the firm, the latest surge of American applicants began during the Trump administration and peaked amid pandemic lockdowns.
The one thing all applicants have in common is a strong worry of the future of American society, with wealthy clientele from all political parties preparing for the worst.
According to two prominent brokerage firms, the most in-demand program among American investors is Portugal's five-year resident permit, which enables visa-free travel to 26 European Union nations.
The ‘golden visa’ in Portugal requires a minimum investment of somewhat more than $200,000 and an average stay of seven days per year. Residents can seek full-time citizenship when their initial permit expires, with the process taking up to three years.
According to one industry insider, Portugal is the future California, with a huge influx of both wealth and talent.
Generally, however, many golden passport holders do not relocate, and some just visit only occasionally. Most just want an option available.
Nevertheless, the exponential growth of those seeking golden passports brings fears that gaps in the process will allow dirty money and unsavory individuals to enter the European Union. While many firms may be reputable, the industry's lack of regulation results in improper and incomplete applicant screening by some smaller investor migration firms.
