{"id":110230,"date":"2020-05-08T14:27:16","date_gmt":"2020-05-08T18:27:16","guid":{"rendered":"https:\/\/antiguanewsroom.com\/?p=110230"},"modified":"2020-05-08T14:27:16","modified_gmt":"2020-05-08T18:27:16","slug":"the-ultra-rich-are-now-buying-pandemic-passports-so-they-can-move-to-safer-countries","status":"publish","type":"post","link":"https:\/\/antiguanewsroom.com\/the-ultra-rich-are-now-buying-pandemic-passports-so-they-can-move-to-safer-countries\/","title":{"rendered":"The Ultra-Rich Are Now Buying \u2018Pandemic Passports\u2019 So They Can Move to Safer Countries"},"content":{"rendered":"
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(ROBREPORT)<\/p>

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Wealthy travelers have been playing a game of \u201cbeat the ban\u201d as countries have closed their borders to try to fight the Covid-19 pandemic. Getting it wrong can be very expensive, as one British couple recently learned. The pair bought two \u00a310,000 ($12,000) first-class tickets to escape from London to Barbados, but they were so worried that British Airways would axe its service that they paid \u00a3100,00 ($125,000) to charter a private jet instead. (BA carried on flying.)<\/p>\n

Now the super-rich are buying the ultimate insurance policy to make sure they will be able to travel to whatever virus-free, sunny bolt-hole they choose, if a second spike in Covid-19 infections triggers another global lockdown. The world\u2019s wealthiest are snapping up multiple citizenships<\/a> in countries around the world.<\/p>

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Henley & Partners<\/a>, a London-based citizenship broker, is one of the biggest players in the nearly $4 billion-a-year \u201cidentity management\u201d business (a.k.a. \u201cpassports for sale\u201d). The firm\u2019s latest figures show a 42 percent year-over-year increase in the number of people filing a formal application for a new nationality during the first three months of 2020. The number of inquiries is up by 25 percent.<\/p>

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\u201c\u2019Investment migration\u2019 has shifted from being about living the life you want in terms of holidays and business travel to a more holistic vision that includes healthcare and safety,\u201d Dr. Christian Kalin, the firm\u2019s chairman, told Robb Report<\/em>.<\/p>\n

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Shutterstock <\/span><\/p>\n<\/div>\n

So, what exactly is convincing high net worth individuals that they need an escape plan? According to one Italian multi-millionaire who is critical of his government\u2019s handling of the pandemic, the decision came down to two factors: the varying performance of national healthcare services and the closure of national borders, which has split up families. \u201cWe want to know there is a safe place, with good medical services, that the whole family can go to at short notice if we need to,\u201d the millionaire told Robb Report.<\/em> \u201cOnly citizenship can guarantee that.\u201d Countries that have closed borders have continued to admit nationals returning home. Most national airlines have maintained some flights to major capitals.<\/p>

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The most popular \u201cpandemic passports\u201d or permanent residency programs are those of Australia, Antigua, St Kitts and Nevis, Tuvalu, Vanuatu, Austria, Switzerland, Portugal, Cyprus, Malta and Montenegro. All offer nationality or permanent residency in return for a direct donation to the national treasury or investments in local property or businesses. It can cost as little as $100,000 per family member in the Caribbean, rising through \u20ac1 million to \u20ac2 million ($1.1 million to $2.2 million) in Malta and Cyprus, to \u20ac7 million ($7.6 million) in Austria.<\/p>\n

Australia and Austria are particularly attractive because they not only have high-quality national health services but the government of each country acted quickly to limit the spread of the virus. The United Kingdom, which has been a magnet for the super-rich in recent years and offers residency\u2014but not a passport\u2014in return for multi-million-pound investments, is not considered a safe haven because critics say the government botched its handling of the pandemic by reacting too slowly to the threat and failing to ensure the National Health Service was properly prepared.<\/p>

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Although having funds to buy multiple citizenships gives the rich an advantage in protecting their health and lifestyle, Kalin points out that the fees and taxes they pay are a source of much-needed capital for hard-pressed governments that now have to raise funds to pay for Covid-19 emergency economic bail-out programs. \u201cTake Antigua,\u201d he says. \u201cIt depends on tourism and now there is none and there won\u2019t be for some time. It needs fresh sources of funds. Citizenship by investment is one.\u201d<\/p>

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 <\/p>\n

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(ROBREPORT) Wealthy travelers have been playing a game of \u201cbeat the ban\u201d as countries have closed their borders to try to fight the Covid-19 pandemic. Getting it wrong can be very expensive, as one British couple recently learned. The pair bought two \u00a310,000 ($12,000) first-class tickets to escape from London to Barbados, but they were […]<\/p>\n","protected":false},"author":3,"featured_media":3409,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-110230","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nThe Ultra-Rich Are Now Buying \u2018Pandemic Passports\u2019 So They Can Move to Safer Countries - Antigua News Room<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/antiguanewsroom.com\/the-ultra-rich-are-now-buying-pandemic-passports-so-they-can-move-to-safer-countries\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Ultra-Rich Are Now Buying \u2018Pandemic Passports\u2019 So They Can Move to Safer Countries\" \/>\n<meta property=\"og:description\" content=\"(ROBREPORT) Wealthy travelers have been playing a game of \u201cbeat the ban\u201d as countries have closed their borders to try to fight the Covid-19 pandemic. 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