According to a new report by Bloomberg
,High net worth individuals are shelling out as much as US$23 million for citizenship in another country .Bloomberg Agency compiled an assessment of countries that allow foreigners to obtain second citizenship (second passport ) for a certain amount of money .
Becoming a global citizen in one of the countries in the grade may be available from US$ 100,000 . In all these countries for a passport, a foreigner may invest available funds in the economy in the country in terms of investment. In some cases, this nationality ( citizenship and passport ) can give the applicant certain benefits.
Cheaper than a Gulfstream, nimbler than a super yacht, a second passport - or a third or fourth - has become another trophy for the ultra-wealthy.
Even self-styled citizens of the world, it seems, need a Plan B. Plus, that gold Maltese coat of arms looks classy. One must keep up.
While many nations, the U.S. included, allow legal residents the chance to apply for citizenship after meeting certain criteria, only 10 countries permit outsiders to acquire citizenship outright. Most require payment in the form of a direct investment, typically in property or a local business.
Billionaires are paying as much as $23 million apiece for the latest ultra-wealthy status symbol: Citizenship in a foreign country
The most expensive was the citizenship of Austria – its foreigner can get by investing in the economy of this European country US$ 23.75 million. According to Austrian law on privacy, information about the acquisition of Austrian citizenship is not disclosed and is not transferred to other countries. However, Austria does not provide a preferential tax rate – income tax for citizens who receive citizenship is 25% (and 28% for capital gains). The opportunity to acquire Austrian citizenship has been in force since 1985.
Cyprus ranked others in the cost of getting citizenship with a significant gap. The investor who invested US$ 2.375 million in the island's economy may become a citizen of this country. The profit tax here is 12.5%.
Malta is third in the list – her nationality is US$ 1.065 million. The profit tax is 35%. In this case, tax on income outside the country is not taxed and income from investments in the Maltese economy is taxed at a reduced tax of 15%.
Since 2017, Turkey has offered the opportunity to acquire citizenship to all foreigners. To do this, a foreigner must buy real estate in the country for a total of US$ 1 million or transfer to a Turkish bank account at least US$ 3 million within three years.
Acquisition of citizenship is also possible in six small island states – Vanuatu, St. Kitts and Nevis, Saint Lucia, Dominica and Antigua and Barbuda. In all these countries, with the exception of Grenada, capital gains tax is abolished, and Vanuatu and Antigua and Barbuda also lack income tax. The cost of Citizenship in Saint Lucia, Dominica and Antigua and Barbuda is at least US$ 100,000.
Looking for another passport? Here are the most sought after countries
How Much Does Citizenship Cost?
Each country requires a certain minimum investment
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Source : Bloomberg