
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.
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