What’s better than one passport? Twoooo passport (see viral TikTok video).
While remote work opens doors to alternative workplaces and lifestyles, location mobility has become all the rage for people looking to get out of the country. Some very wealthy people have invested in the “Golden Visa”, a program where buying a second home in another country gives the buyer a second passport or a path to citizenship.
And it seems the demand isn’t stopping: 13% of ultra-high-net-worth individuals (UHNW) want to get a passport or second citizenship, according to Knight Frank’s 17th annual wealth report (the report defines UHNW individuals as those with a US net worth of at least $30 million ). This cohort is the “tip of the iceberg,” the authors wrote. “The boom in so-called digital nomads is just beginning.”
Over the past few years, UHNW individuals in the US have become increasingly concerned as political divisions have widened, the cost of living has risen, travel restrictions have fueled lust, and working and living abroad has become more feasible. In their eyes, a second citizenship offers a safety net. Interest in obtaining a second passport through investment opportunities increased sixfold from 2019 to 2021 among US clients, according to a report by passport company Get Golden Visa.
As the second passport grows in popularity, it goes from being a status symbol for the elite to becoming more accessible to the upper middle class, says Murat Coskun, managing partner of Get Golden Visa. fortune.
“Talking to three leading experts in the field, it is clear that the demand for mobility has increased rapidly since the COVID-19 pandemic and now includes a wider demographic, including those seeking protection from arbitrary border locks or seeking work in other countries,” noted the authors of the Knight Frank report.
Alternatives to this Western investment program are many, per the author; application increases in Turkey and Dubai, Singapore, and Hong Kong offer more flexible programs. Other countries, such as Portugal and Thailand, have launched special visa programs that do not require a second passport to attract many digital nomads. It’s freelancers leading the trend in nomadic work, the Knight Frank author points out, as a company that is more reticent to deal with tax or labor law issues associated with working internationally.
But the increase in demand to live elsewhere does not come without complications and potential displacement of residents; author Knight Frank wrote that the promise is “disturbance to foreign countries, destination markets, tax systems, demand for housing rent, and office requirements.” Portugal, a former hot spot for Golden Visa applicants, recently ended the program after another influx of citizens led to a rise in housing prices. Other Mediterranean countries are also trying to pump in the breaks—Greece doubled the price of the minimum investment required to get a Golden Visa, due to the lack of affordable housing for Greek citizens.
But that doesn’t mean people will stop applying for Golden Visas. As Knight Frank revealed, 16% of UHNW clients from Asia, 15% from America, and 12% from the Middle East are still planning to get their hands on one.
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