The ultrawealthy are still on the quest for Golden Visas, and investment immigration and relocation provider Astons has the list of which countries are on the top of their lists for the holidays.
Countries such as Cyprus and Montenegro are still popular for those looking for Golden Visas, according to Astons, an investment immigration and relocation provider. They're expensive. The minimum to secure a "citizenship by investment" in Cyprus can cost over £2 million ($2 million). Montenegro is relatively affordable, with a minimum investment that costs just over £300,00 ($400,000.)
Many countries have these "Golden Visa programs" - also known as "citizenship by investment" or "residency by investment" programs - where ultrawealthy individuals can invest in a country in exchange for citizenship or residency.
The investment qualification varies depending on the country but can include anything from real estate to charity donations.
Interests in these programs have skyrocketed amid the pandemic, as the ultrawealthy look for ways they can continue to travel. For instance, Recode's Theodore Schleifer reported that billionaire Eric Schmidt has applied for a Cyrus citizenship, which could give him personal tax benefits and allow him to travel within the EU.
Business Insider previously reported that the American passport has dipped in value this past year, both due to the pandemic and the political climate, causing an increase in interest from wealthy individuals looking for an alternative.
Apex Capital Partners founder Nuri Katz told Business Insider that the newly weakened passport has led many ultrawealthy to question its longevity, with some asking: "A year from now, will the American passport be enough to get me to where I want to go?"
In August, The New York Times deemed having a second passport as the new "status symbol." Business Insider's Graham Rapier reported that London-based passport broker Henley & Partners saw a 42% increase in overall citizenship applications this year, while Katz estimated to CNN that about 5,000 used investment programs in 2017 to acquire citizenship. This year, he estimates about 25,000.
Keep reading to find out the top Golden Visas wealthy individuals are looking to acquire this holiday season, in order of most to least expensive, according to Astons.
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