American Billionaires are Busy Buying Second PassportsTop Stories

May 31, 2022 12:00
American Billionaires are Busy Buying Second Passports

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The United States of America is known as the land of opportunities and the land of promises. The country is getting the highest ever citizenship requests than any nation in the globe. As per the report published in 2020, the country has more than 50 million foreign residents. The American billionaires are working on a Plan B to acquire a second passport. As per a report, the number has gone up by 300 percent in the last three years. The second passport is the new gold in USA.

Americans say that they are keen to fly to safer countries in the coming years. The society is polarized and the rules are changed drastically over the years because of the millionaires have been on the hunt for a second passport. The reports cited that the political fluctuations are the reason behind the change in the mood of the American billionaires. The Americans have developed a fear of society. They decided to move abroad and they are worried about the increasing hate crimes in the nation. The coronavirus pandemic is the other reason shown by the American billionaires. Most of them could not fly out of the country during lockdowns. They are concerned about their families if there would be a major health crisis in the future.

The richer Americans are not bothered about the nation and they wish to find a safer home soon. They can get the second passport through the Citizenship by Investment Program (CIP). If you have money, you can invest in a country and acquire citizenship. Real Estate, Donations to National Fund and Enterprise Projects are the major investments.

Nations like Dominica, Antigua & Barbuda, St Kitts & Nevis, Grenada, Portugal, Bulgaria and Montenegro offer such programs. They charge hundreds of thousand of dollars for a citizenship. There are several other countries that offer the same program. Most of the Americans have been opting for Portugal for a five-year residence permit which is high in demand. One needs to pay 295,000 USD. The citizen needs to stay for at least seven days in Portugal per year. The nation also offers travel to 26 countries without a Visa.

After the residence permit expires, you will be eligible for the permanent citizenship in Portugal. Portugal could be the next California told the reports from the Citizenship brokers. A lot of American talent and wealth is moving to Portugal. When the entire globe is trying hard to make it to USA, the American millionaires are moving out of the nation.

By Siva Kumar

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