Wealthy Individuals Seek Second Passports Amidst Growing Concerns of Instability

Affluent individuals are constructing “passport portfolios,” amassing multiple citizenships as a precautionary measure in case they need to leave their country of origin. Notable instances include Peter Thiel, a billionaire tech investor, acquiring New Zealand citizenship, and former Google CEO Eric Schmidt seeking citizenship in Cyprus. According to Henley & Partners, popular choices for additional passports among Americans include Portugal, Malta, Greece, and Italy.

“The U.S. is still a great country, it’s still an amazing passport,” said Dominic Volek, group head of private clients at Henley & Partners. “But if I’m wealthy, I would like to hedge against levels of volatility and uncertainty. The idea of diversification is well understood by wealthy individuals around what they invest. It makes no sense to have one country of citizenship and residence when I have the ability to actually diversify that aspect of my life as well.”

However, the acquisition of second passports is not without its challenges and controversies. Critics argue that it exacerbates inequality by privileging the wealthy and exacerbating disparities in access to resources and opportunities. Furthermore, worries arise regarding potential system abuse, encompassing tax evasion, money laundering, and corruption issues. The trend of wealthy individuals seeking second passports highlights the significant influence of geopolitical instability on personal choices. It also reflects the changing landscape of global citizenship.
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