Home Caribbean It's Legal to Buy a Passport From Another Country, but You Might go Broke

It's Legal to Buy a Passport From Another Country, but You Might go Broke

0
It's Legal to Buy a Passport From Another Country, but You Might go Broke

There’s a new trend among the super-rich; buying a second or third passport.

It’s legal, doesn’t work everywhere, and is always expensive.

But money talks.

Quartz says buying residency or citizenship by investing in a government fund or a property can help people easily move around the world.

Problem is; it can cost over $15,000 on the low end.

It’s called “citizenship by investment”.

Travel + Leisure says having multiple passports comes in handy when traveling to destinations that may be off-limits with one’s primary passport.

They also come in handy for wealthy people trying to buy residences in countries where the taxes are lower.

A travel expert told Business Insider citizenship is forever and is only taken away if you commit a serious crime.

Thailand is the cheapest place to buy residency at $15,000+, Quartz reports.

Getting a residency in the U.K. costs a lot more; think over $2.5 million, according to Business Insider.

But wealthy people may have to wait it out.

Some countries, like the UK, require people to live in the country for a few years before submitting a citizenship by investment proposal.

source

LEAVE A REPLY

Please enter your comment!
Please enter your name here