23 countries where money can buy you a second passport or 'elite residency'
Courtesy of Jade Mountain
The super-rich are no longer just spending their money on private jets, yachts, and hotels - they're also splashing out on second passports.
The Second Citizenship Survey 2017 from CS Global Partners found that 89% of people would like to own a second passport, and over 34% said they had looked into investing in a second citizenship.
Even more striking were the 80% who said they would be willing to invest or donate 5% of their annual salary for a second citizenship - more than they spend on monthly rent.
Luckily, a number of countries offer Citizenship by Investment (CIP) programs where money - normally invested in real estate - can actually buy a second passport, and the elite status that comes along with owning citizenship in another country.
Other programs offer "elite residency" - an extended visa with perks - in exchange for similar investments.
Nuri Katz, President of Apex Capital Partners, an international advisory firm that specialises in CIPs, told Business Insider: "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."
He added that along with the travel benefits and the status that comes along with owning real estate around the world, the programs also allow people to manage their tax burdens.
"Second citizenship is becoming more than just getting a passport," he said. "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."
However, Katz explained there's a difference between CIPs and residency programs.
"Citizenship is forever, and cannot be taken away unless you received it under fraudulent circumstances," he said. "You also get a passport."
Meanwhile, as laws change, a residency visa can be taken away - but it's a more affordable way to get the perks that come along with living in another country.
In order to put together a complete list of countries that offer citizenship or residency by investment, along with advice from Katz, Business Insider consulted the latest CBI Index, published by the Financial Times' PWM magazine, and spoke to global investment migration firm Henley & Partners and global citizenship and residence planning company Knightsbridge Capital Partners.
Whether you choose to splash out for full citizenship or you invest in residency, here are 23 countries where money can buy you a second passport - or at least a chance to live long-term abroad - ranked by cost, from cheapest to most expensive.
23. Thailand — 'Elite residency' from THB 500,000 ($15,253 or £11,793).
22. Latvia — Residency from €64,600 (£58,318 or $74,973).
=19. Saint Lucia — Citizenship from $100,000 (£77,786).
=19. Dominica — Citizenship from $100,000 (£77,786).
=19. Antigua and Barbuda — Citizenship from $100,000 (£77,786).
=17. St. Kitts and Nevis — Citizenship from $150,000 (£116,657).
=17. Grenada — Citizenship from $150,000 (£115,910).
16. Vanuatu — Citizenship from $155,000 (£120,878).
15. Cambodia — Citizenship from 1bn Cambodian riels ($245,230 or £191,309).
14. Moldova — Citizenship from €250,000 ($289,692 or £225,885).
13. Greece — Residency from €250,000 (£225,656 or $290,143).
=11. Portugal — 'Golden Visa' from €350,000 (£315,919 or $406,200).
=11. Montenegro — Citizenship from €350,000 ($406,200 or £315,919).
10. U.S. — Residency from $500,000 (£388,858).
9. Spain — "Golden Visa" from €500,000 (£451,312 or $580,286).
8. Bulgaria — Citizenship from 1 million BGN (£461,422 or $593,384).
7. Canada — Citizenship from $800,000 (£476,020 or $612,075).
=5. Turkey — Citizenship from $1 million (£779,855).
=5. Malta — Citizenship from €880,000 (£792,220 or $1 million).
4. Australia — Residency from $1.5 million AU (£841,349 or $1.08 million)
3. Cyprus — Citizenship from €1.5 million (£1.35 million or $1.74 million).
2.New Zealand — Residency from 3 million NZD (£1.54 million or $1.98 million).
1. UK — Visa from £2 million ($2.57 million).
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