Wealthy Americans are buying second passports as a ‘plan B’ for their families, citing the pandemic, climate change, and political turmoil

YAHOO NEWS:

The number of wealthy Americans applying for citizenship or residency in foreign countries has skyrocketed over the past three years as US billionaires, tech entrepreneurs, and celebrities look to create a “plan B” for their families, multiple investment migration firms told Insider.

More than a dozen countries offer so-called “golden passports” and visas that allow affluent foreigners to receive citizenship or residency in exchange for investing in the country. The most expensive programs range from $1.1 million in Malta to $9.5 million in Austria, according to Forbes.

“We see these programs as an insurance policy,” Ezzedeen Soleiman, a managing partner at Latitude Residency & Citizenship, said. “We’ve had some billionaires approach us and ask what’s the best place to live if there’s a climate catastrophe, or if there’s another storm, or another global pandemic.”

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