- A growing number of foreign Americans are investing in foreign businesses to gain a second passport ahead of a possible second wave of coronovirus infection in the United States.
- After paying € 2.2 million ($ 2.6 million), Americans can purchase passports through “citizenship-invested” programs, which will allow them to bypass COVID-19 travel restrictions.
- Most of the European Union, Canada, Australia, Japan and many other countries have stopped American travelers.
- The United States has reported more coronovirus cases than any country in the world, and the number is still increasing.
- For more stories visit the Business Insider homepage.
At the onset of the epidemic, wealthy New Yorkers fled to Manhattan to look for sparsely populated areas to Hampton and other vacation spots to await the outbreak.
Six months later, as a threat of a second wave of infection, some have decided that the Hamptons are not far enough away and want to buy foreign passports that could allow them to bypass COVID-19 travel restrictions and quarantines in one . Dozens of countries are currently intercepting American travelers.
Investing in a foreign business starting at $ 100,000 and with the help of passport advisors has never before seen UltraValley Americans availing citizenship by investing programs to gain citizenship in small countries ranging from St. Lucia to Malta .
One such passport broker, Noori Katz of Apex Capital Partners, told Business Insider that she had only been contacted by an American client for an average of one year before the epidemic. Now, two or three contact him every week.
“[Citizenship] There used to be an issue of your national pride and love of the country and all of you, but now in many ways, citizenship is just another asset class they can get, “Katz, a Canadian native who also holds a Kitian passport. , Business Insider. “People of high net worth are realizing that a precedent is a set of closed boundaries for them, and they understand that they now need to diversify their citizenship as they diversify themselves. [financial] Grab between different classes of assets, from real estate to stocks, bonds and savings schemes and whatever. “
Supernatural people buying their way into foreign citizenship is not a new phenomenon
Starting in 1984 and later in the United States, St. Kitts and Nevis, most countries have used such programs to attract foreign direct investment. Katz told Business Insider that Canada entered business soon after starting its program at the request of the then mayor of Montreal, who needed an advisor to help attract Hong Kong immigrants.
According to Katz, the most in-demand passports are those of Dominica, which offers the lowest cost at $ 100,000, which offers visa-free travel in Europe, and Montenegro, whose EU membership allows its citizens to settle anywhere in Europe Allows.
“The American passport is now a very bad passport because it does not allow you to travel anywhere,” Katz said. “As an American, you can’t go to Paris right now. But as a citizen of St. Kitts, you can. I can’t believe what the world has become.”
Many of Katz’s customers say the way the United States has handled the initial onslaught of coronovirus cases in the spring and started looking for safe places to wait for a possible second wave during the summer flu season, Apex’s business is pulling. From an epidemic-induced lull to its busiest season. But due to the complexities of this process, those new customers still should not be able to exit the country ahead of a wave of possible time.
Katz said that citizenship by investment process can take between three months and one year depending on the country. They all require extensive documentation and background checks, which helps Apex Capital Partners facilitate its customers.
However, the epidemic is not the only thing motivating Katz’s customers. He says that many of them cited fear of a special tax on the wealthy and social unrest after the murder of George Floyd.
“In America [there] That’s stuff that’s been celebrating beneath the surface for a long time, “Katz said.” And, you know, maybe COVID brought it out or maybe the current administration brought it out, but whatever it is, it’s there. And when high net worth individuals are looking at all of this, many of them start thinking, okay, wait, I don’t want to deal with this, and I have a choice that I can invest in another citizenship. “