Following the landslide victory recorded by the Tories in the last United Kingdom’s general election, a good number of citizens are weighing up the possibility of buying the citizenship for a number of other countries.
CheckOut Magazine gathered that individuals can purchase a second passport via Citizenship by Investment Programmes (CIPs), offered in a number of destinations.
Under these schemes, individuals can obtain a second citizenship “extremely quickly” in exchange for a donation or investment, often in real estate, according to Nomad Capitalist, a company which helps clients become “global citizens”.
According to Nuri Katz, President of Apex Capital Partners, an international advisory firm that specialises in CIPs,“For a lot of wealthy people having a second or third passport is important for the ability to travel. For some it’s also a status symbol, like buying a fancy car to show your friends.”
However, he added: “Second citizenship is becoming more than just getting a passport. There are certain advantages towards using second citizenship to create residence in countries where tax burdens would be lower than where you are at the current time.”
