Many countries have these "— also known as "citizenship by investment" or "residency by investment" programs — where ultrawealthy individuals can invest in a country in exchange for citizenship or residency.
The investment qualification varies depending on the country but can include anything from real estate to charity donations. Interests in these programs have skyrocketed amid the pandemic, as the ultrawealthy look for ways they can continue to travel. For instance, reported that billionaire Eric Schmidt has applied for a Cyrus citizenship, which could give him personal tax benefits and allow him to travel within the EU. both due to the pandemic and the political climate, causing an increase in interest from wealthy individuals looking for an alternative.
Apex Capital Partners founder Nuri Katz told Business Insider that the newly weakened passport has led many ultrawealthy to question its longevity, with some asking: "A year from now, will the American passport be enough to get me to where I want to go?"