Passports for purchase: How the elite get through a pandemic

CNN — For most people, the coronavirus pandemic has meant fewer travel options. “Many people in this ultra-high net worth bracket are interested in Cyprus and Malta, because it grants the applicant and their family unlimited access and settlement freedom throughout the European Union,” says Volek. “People who want to travel freely around Europe, they’re starting to think about getting some kind of status.” Investment Migration 101 St Kitts and Nevis was a pioneer in Citizen by Investment Programs. “You then get visa-free access to the European Schengen area and there’s a clear legal path to citizenship after five years of residence as long as you can also speak elementary level Portuguese.” “But if the client has the financial capacity, then it’s direct to Malta or Cyprus because you’d get EU citizenship immediately.” Doing due diligence In 2017, Katz estimated that around 5,000 people per year acquired citizenship abroad through CIPs. In 2018, for instance, Transparency International, a global coalition against corruption, criticized citizenship- and residence-by-investment schemes in Malta, Cyprus, Portugal and Spain, arguing that these programs are “selling access to the Schengen visa-free travel area, and even EU citizenship, to foreign investors with little scrutiny, transparency or due diligence.” Kate Hooper, an associate policy analyst at the Washington DC-based think tank Migration Policy Institute’s International Program, told CNN Travel that CIPs often arouse suspicion since some governments do not disclose their due-diligence processes.