GUTTER CREDITSGenius at WorkThe Business
Why
Business
Execs
Are Buying
Second
Nationalities
Illustration by Paul GarlandJ
im Rogers is living the good life
in Singapore. The well-known
American investor, and cofounder
of the Quantum Fund with George Soros,
moved to Singapore in 2007 to take
advantage of the emerging Asian markets
and has built a comfortable existence there
with his family. But he admits he might not
stay in the Lion City forever.
“We’re not going to have a very simple
and stable world in the next 20 to 30 years,
so you need to be able to be mobile,” he
says, explaining that the threat of trade
wars, environmental disaster, pollution
and terrorism means “everybody should
have a ‘plan B’ to diversify their living
possibilities.” That’s why he and every
member of his family have secured
additional passports from a third country,
not Singapore or the US.
The financial guru is ahead of the
curve on what has become a fast-growingtrend known as “investment migration.”
Wealthy individuals are buying passports
legally on the open market to hedge
their identities and lifestyles in the same
way they hedge their portfolio. Direct
passport sales are a $3 billion-a-year
business worldwide and growing about
25 percent a year, according to Henley
& Partners, a London-based global
citizenship and residence consultancy
founded in 1997.
At the high end, you can buy a passport
from Austria—one of 13 countries that
sells them—for $9 million. But that’s steep.
Costs range (on average) from $100,000
in Antigua and Barbuda, Dominica and
St. Lucia to $130,000 to $150,000 in St.
Kitts and Nevis as well as in Grenada and
Moldova, $250,000 in Turkey, $1.13 million
in Malta and $2.6 million in Cyprus. The
Caribbean is the center of the trade, since
its islands’ colonial past affords its citizenswide visa-free access, typically to about
130 nations, including the 26 European
countries in the Schengen area.
Who’s abandoning national monogamy
and why? Many are entrepreneurs who
cite practical reasons. Businessmen and
-women from many countries in Asia, the
Middle East and Africa don’t enjoy the kind
of visa-free travel that a US or European
passport affords and don’t always have
time to wait for visas every time they
need to travel. Two Saudi clans recently
bought 62 Maltese passports to enable
family members to flit easily between the
Middle East, Europe and the US. Certain
wealthy Westerners do not want to reveal
their nationalities on passenger lists or
hotel registers and find that traveling with
passports from smaller countries allows
them to remain under the radar. Some US
and UK passport holders, in particular, fear
they could be terrorist targets.130 AUGUST 2019
OBTAINING NEW
LEGAL PASSPORTS IS
A BOOMING BUSINESS
AND IT’S GROWING.
JOHN ARLIDGE
EXPLAINS WHY YOU
MIGHT NEED A BACKUP
PLAN TODAY.G2G_Aug_BIZ_Passport.indd 130 7/3/19 12:24 PMThe Business
Why
Business
Execs
Are Buying
Second
Nationalities
Illustration by Paul GarlandJ
imRogersisliving the good life
inSingapore.The well-known
Americaninvestor, and cofounder
oftheQuantumFund with George Soros,
movedtoSingaporein 2007 to take
advantageoftheemerging Asian markets
andhasbuiltacomfortable existence there
withhisfamily.Buthe admits he might not
stayintheLionCityforever.
“We’renotgoingto have a very simple
andstableworldinthe next 20 to 30 years,
soyouneedtobeable to be mobile,” he
says,explainingthatthe threat of trade
wars,environmentaldisaster, pollution
andterrorismmeans“everybody should
havea‘planB’todiversify their living
possibilities.”That’swhy he and every
memberofhisfamily have secured
additionalpassportsfrom a third country,
notSingaporeortheUS.
Thefinancialguru is ahead of the
curveonwhathasbecome a fast-growingtrend known as “investment migration.”
Wealthy individuals are buying passports
legally on the open market to hedge
their identities and lifestyles in the same
way they hedge their portfolio. Direct
passport sales are a $3 billion-a-year
business worldwide and growing about
25 percent a year, according to Henley
& Partners, a London-based global
citizenship and residence consultancy
founded in 1997.
At the high end, you can buy a passport
from Austria—one of 13 countries that
sells them—for $9 million. But that’s steep.
Costs range (on average) from $100,000
in Antigua and Barbuda, Dominica and
St. Lucia to $130,000 to $150,000 in St.
Kitts and Nevis as well as in Grenada and
Moldova, $250,000 in Turkey, $1.13 million
in Malta and $2.6 million in Cyprus. The
Caribbean is the center of the trade, since
its islands’ colonial past affords its citizenswide visa-free access, typically to about
130 nations, including the 26 European
countries in the Schengen area.
Who’s abandoning national monogamy
and why? Many are entrepreneurs who
cite practical reasons. Businessmen and
-women from many countries in Asia, the
Middle East and Africa don’t enjoy the kind
of visa-free travel that a US or European
passport affords and don’t always have
time to wait for visas every time they
need to travel. Two Saudi clans recently
bought 62 Maltese passports to enable
family members to flit easily between the
Middle East, Europe and the US. Certain
wealthy Westerners do not want to reveal
their nationalities on passenger lists or
hotel registers and find that traveling with
passports from smaller countries allows
them to remain under the radar. Some US
and UK passport holders, in particular, fear
they could be terrorist targets.130 AUGUST 2019
OBTAINING NEW
LEGAL PASSPORTS IS
A BOOMING BUSINESS
AND IT’S GROWING.
JOHN ARLIDGE
EXPLAINS WHY YOU
MIGHT NEED A BACKUP
PLAN TODAY.