Wealthy Travelers Buying Second Passports

You’ve probably heard of places where you can buy a fake passport. But did you know there is a legal way to buy a passport for another country? Well, there’s a new trend among the rich, and it’s netting some of them new passports.

Of course for something that sounds too good to be true, there is always a catch. While you can legally buy a new passport and gain residency in a new country, it is generally prohibitively expensive. Also, it doesn’t work in every country. Some countries have specific rules that require you to live as a resident in that country for a set amount of time before gaining a passport. The way it works is through an Investor Visa. To get an investor visa, you need to invest large sums of money into a country’s government fund or property. The cost varies greatly, with Thailand offering the cheapest residency option at $15,000. On the high end, to get a residency option in the UK, you will need at least $2.5 million.

The benefits of having a second passport are numerous. If you enjoy travelling, a second passport can get you easier access to a country which isn’t as accessible with your first. If you’re rich, you can use a second passport to invest in properties in a country with lower taxes.

Written by  
4 months ago
Article Tags:
· · · · · ·