countries where money can buy you a second passport or 'elite residency'
The super-rich are no longer just spending their money on private jets, yachts, and hotels — they're also splashing out on second passports.
The Second Citizenship Survey 2017 from CS Global Partners found that 89% of people would like to own a second passport, and over 34% said they had looked into investing in a second citizenship.
Even more striking were the 80.68% who said they would be willing to invest or donate 5% of their annual salary for a second citizenship — more than they spend on monthly rent.
Luckily, according to Associated Press, at least two dozen countries offer a new home to people willing to invest in a business, real estate or government bonds.
Some of these countries offer Citizenship by Investment (CIP) programs where money can actually buy a second passport, usually starting at around $200,000 (£154,392).
The programs typically involve investment in real estate in exchange for the elite status that comes along with owning a citizenship — and property — in another country. Other programs offer "elite residency" — an extended visa with perks — in exchange for similar investments.
Business Insider spoke to Nuri Katz, President of Apex Capital Partners, an international advisory firm that specialises in CIPs, to find out more about the trend, and how the programs work.
"For a lot of wealthy people having a second or third passport is important for the ability to travel," Katz said. "For some it's also a status symbol, like buying a fancy car to show your friends."
He added that along with the travel benefits and the status that comes along with owning real estate around the world, the programs also allow people to manage their tax burdens.
"Second citizenship is becoming more than just getting a passport," he said. "There are certain advantages towards using second citizenship to create residence in countries where tax burdens would be lower than where you are at the current time."
According to the AP, the Chinese are the biggest market for CIPs, with more than 100,000 Chinese people spending at least $24 billion (£18.5 billion) in the last decade to buy residency through investment visa programs.
However, Katz explained there's a difference between CIPs and residency programs.
"Citizenship is forever, and cannot be taken away unless you received it under fraudulent circumstances," he said. "You also get a passport."
Meanwhile, as laws change, a residency visa can be taken away — but it's a more affordable way to get the perks that come along with living in another country.
Whether you choose to splash out for full citizenship or you investment in residency, here are 17 countries where money can buy you a second passport — or at least a chance to live long-term abroad — ranked by cost, from cheapest to most expensive.