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- Extremely wealthy people are paying as much as $23 million to purchase secondary citizenship in a foreign company, Bloomberg reports.
- For some, a second passport is a status symbol. For others, it's about security and opportunity.
Yachts, sports cars, and sprawling mansions have long been the status symbols of the ultra-wealthy, but in recent years, a new badge of affluence has emerged among the 1%.
Billionaires and millionaires are flocking to secure not just second homes in foreign countries - but citizenship as well.
Transform talent with learning that worksCapability development is critical for businesses who want to push the envelope of innovation.Discover how business leaders are strategizing around building talent capabilities and empowering employee transformation.Know More According to a new report by Bloomberg, wealthy people are shelling out as much as $23 million for citizenship in another country.
There's but a handful of countries in the world that allow prospective residents to purchase citizenship outright. Among them is Austria, which commands an eye-popping $23 million for citizenship; Malta, which costs around $1 million; and Caribbean islands like Saint Lucia, Dominica, and Antigua and Barbuda, which charge the relatively cheaper $100,000 apiece.
For some, purchasing a secondary passport is just another way to flaunt extreme wealth. But for others, buying a multi-millionaire dollar citizenship is a security measure.
In an interview with Business Insider's Hillary Hoffower earlier this month, president of financial firm Apex Capital Partners, Nuri Katz, suggested that the second-passport trend is all about capitalizing on opportunity: "It provides a certain freedom that some citizens of some countries don't have; it's a freedom of movement."