Accumulate golden passports is an example of this privileges and social status for the richest people in the world. It is about having a dual or triple nationality, granted by countries where the wealthiest make major investments.

The difference with obtaining citizenship for middle-income people and millionaires is that millionaires can skip almost the entire immigration process to obtain a country’s passport. You don’t have to live there for a long time, or have marital or family ties with a citizen of the country. You just need to invest in a public good or property to get the legal document.

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Investment prices range from $100,000 to millions of dollars, to win the passport. Not only that, new citizens and their family members receive protection in case they face a legal problem in their country of origin.

It is to say, the wealthiest may seek refuge in other countries to avoid political and judicial problems or to circumvent security measures thanks to his golden passport. This is the case of former Google CEO Eric Schmidt, who was able to travel to the European Union when access restrictions were still in place due to the Covid-19 pandemic.

For example, some Russian oligarchs have gold passports from Cyprus that give them an escape route if they have to flee their country.

Evan Spiegel, the founder of the social network Snapchat, was awarded French citizenship in 2018 for an exceptional contribution to the nation, although it is not known exactly what he earned it for.

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Countries Where Gold Passports Are Popular

There are certain countries that are less demanding than others when it comes to awarding golden passports to their beneficiaries and investors. That was Cyprus, a popular destination for millionaires, but their citizenship by investment program was cut off when they were discovered to have given passports to criminals.

Currently, the countries that give nationalities and attract the attention of the wealthiest Turkishwhose passport costs $250,000; Austria, which asks only for significant contributions to charity or research; And maltrequiring investments, charitable donations and the acquisition of real estate worth more than one million euros.

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authorities of the European Commission however, they have expressed their full opposition to this practice as it allows unrestricted entry for people who have the money to buy a passport, but not for those who have a real connection to a country.

Bulgaria has already ended its golden citizenship program following the call to action, and Ireland and Portugal will soon stop issuing golden passports.