For the ordinary people, the global pandemic meant restrictions on travel.
For the rich, it was an alarm that warned them that they needed backup plans in the worst of times. It seems to be that the elites are buying passports as a contingency plan for future pandemics.
The exact method through which the wealthy do this is known as investment migration. Along with similar policies hat grant permanent residence according to investment, citizenships are granted solely by how much wealth one has and is willing to relocate.
For the rich, this not only provides a way for them to diversify their portfolios but also essentially purchase an extra passport should a need for it arises. Covid-19 and the strict restrictions governments imposed to stop the spread is a great example for a backup plan.
Traditionally, the program was a way for rich individuals – ranging from those with a net worth between $2 million and more than $50 million – to ensure more convenient travels and further opportunities such as education. Now, they are looking at healthcare and safety from pandemics as well.
One expert on global citizenship remarked that an increasing number of people have expressed interest for having another passport as a Plan B. He said that the wealthy often plan several decades ahead, and they fear that more global pandemics may be down the road.
The company that the expert worked for said its number of inquires increased by nearly 50% compared to last year in the first 6 months of 2020. Although his assertions are based on personal experience, this expert said he believes pessimistic doomsday predictions helped the boost.
The most popular spots for citizenship was Montenegro and Cyprus. Malta has been a steady-seller of sorts, a haven that is consistently popular for various different reasons.
Two nations rising in the preferences are Australia and New Zealand for the efficacy with which they dealt with the pandemic. While they were usually less popular than the US or the UK, an increasing number of people have expressed their interests on the islands.
For a long time, the biggest demands for CIP came from the elites in China and the Middle East. With the pandemic, a lot more Americans have began applying in great numbers.
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