Alternative passports trend among the world's wealthy

The recently published Global Wealth Report 2018 showed some impressive figures – one third of the Ultra High Net Worth Individuals (a staggering 34%) have already obtained a second passport, another 29% of respondents are planning to acquire a citizenship, while 21% are considering permanent emigration.

Among other interesting numbers stated in the report are the percentage of UHNWI of different geographical areas holding one alternative citizenship (24% of Asian and North American, 28% of African, 26% of Australasian, and 31% of European) and two or more (39% of Middle Eastern, 41% of Latin American, and 58% of ultra-wealthy individuals in Russia/CIS )

More and more countries enter the investment programmes market with a pursuit to enrich their population with wealthy citizens while at the same time improve the economic situation. Some, including the UK, set up a significant investment threshold and/or expect long-term commitment while others, especially in the Caribbean, make their citizenship quite affordable and easy to obtain.

Despite some mass media speculations that the citizenship or residence by investment programmes are becoming a way for the rich to launder money and evade taxes, the HNWI actually prefer the schemes that require clear and strict due diligence procedures. Those who value their security, status and wealth know that the only programs worth considering are the ones with high standards and no corruption, because they guarantee the reliability and security of the passport in the long term. “These are the ones that draw credible, wealthy, and talented individuals with valuable business networks and entrepreneurial expertise to a country, enriching its social and economic capital” - as is well said by Dr. Christian Kälin, Henley & Partners.

Cyprus has one of the highest investment criteria among the existing programmes, which amounts to min 2 mln euros investment into real estate, and yet for the last 5 years it continues to remain extremely attractive and popular among the HNWI who consider acquiring an alternative citizenship. One of the reasons for such popularity is explained above – the country has very strict due diligent procedures, background checks and transparent system, which helps the investors feel secure. Moreover, all of the amount is pure investment (no donations required) and if chosen wisely, the properties purchased within the programme can yield substantial income, whether rental or ROI upon selling the property in 3 years. There are plenty of other advantages to the programme, including tax, lifestyle etc, which we will be happy to share with anyone interested in learning more about the island and its benefits. Please feel free to contact with any questions or requests.