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Passports for purchase: How the elite get through a pandemic

Passports for purchase: How the elite get through a pandemic 10.07.2020
This is the elite world of investment migration, where passport applications are based not on nationality or citizenship, but on wealth and the willingness to move it around the planet.
These so-called citizen-by-investment programs, or CIPs, are currently a growth industry, as are residence-by-investment arrangements, also known as "golden visas."
They're a way for ultra-rich individuals to not only diversify their portfolio by moving their money into a country, but also receive the benefits of citizenship, including a new passport.
Over the past five to 10 years, the primary motivations amongst CIP participants -- who tend to have a net worth of anywhere from $2 million to over $50 million -- have been freedom of movement, tax benefits and lifestyle factors, such as better education or civil liberties.
But with Covid-19 dramatically transforming our 2020, some elite families are also considering healthcare, pandemic responses and potential safe havens to ensure they have a backup plan for the future.
Plan B
"People really want the insurance policy of an alternative citizenship, which gives them a Plan B," Dominic Volek, Head of Asia for global citizenship and residence advisory firm Henley & Partners, tells CNN Travel.
"They are also concerned about healthcare and pandemic preparedness because, of course, this may not be the only pandemic in our lifetime.
"Wealthy people don't plan for five to 10 years -- they plan more than 100 years in advance, in terms of wealth and well being."
While largely anecdotal, Henley & Partners suspects that a recent uptick in interest in CIP can be linked to the coronavirus, health concerns, and general "doomsday predictions."
The company recorded a 49% year-on-year increase in inquiries between January and June of 2020.
And the number of people who filed an application following a consultation increased by 42% when comparing the last quarter of 2019 with the first quarter of 2020.

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