Americans applying for controversial ‘golden passports’ more than any other nationality, report says

This was news to me. Justin Klawans for US Week reports that a new report finds more wealthy Americans are looking to purchase a unique status symbol — a “‘golden passport.”

Citizenship by investment programs “allow wealthy foreigners to receive citizenship in exchange for investing a certain amount of money in a country, often by purchasing real estate,” according to Insider.  There are also “golden visas” that provide temporary residence. 

A recent report by the research firm Henley & Partners saw more Americans than ever apply for a “golden passport.” Previously dominated by the Chinese and the Russians, data shows that U.S. nationals have taken the top spot. 

Although nations “are gaining income from these ‘investors,’ they are also allowing criminals into the country,” PassportHealth.com noted, adding that “many of the millionaires and billionaires who want this kind of passport are trying to escape crimes” such as tax evasion and money laundering. 

Political controversies also abound.  Forbes reported in 2019 that British professionals had “talked of securing a so-called ‘golden visa’ for a member of the former Libyan dictator Colonel Gaddafi’s family” and other questionable applicants. 

Both Ireland and Spain recently announced they would be ending their golden passport programs. Malta is now the only nation in the European Union that allows citizenship-by-investment for people without a “genuine link” to the country. 

KJ