Super-wealthy individuals turn to CIPs as a backup plan, an immigration advisory firm says
Many ultra-rich travellers are seeking a safe, remote place where they can nestle with their family should another outbreak transpire.
This is the elite world of investment migration, where passport applications are based not on nationality or citizenship, but on wealth and the willingness to move it around the planet.
These so-called citizen-by-investment programs, or CIPs, are presently a growth industry, as are residence-by-investment arrangements, also known as "golden visas."
They are a way for well-off individuals to not only branch out their portfolio by moving their money into a country but also receive the benefits of citizenship, including a new passport.
Over the past five to 10 years, the main motivations amid CIP participants -- who tend to have a net worth of anywhere from $2 million to over $50 million -- have been freedom of movement, tax benefits and lifestyle factors, such as better education or civil liberties.
But with COVID-19 vividly transforming our 2020, some elite families are also considering healthcare, pandemic responses, and potential safe havens to ensure they have a backup plan.
"People want the insurance policy of alternative citizenship, which gives them a Plan B," Adam Abzakh, Head of Middle East for citizenship and residence advisory firm SS Global Partners (SSGP), tells Dubai Route.
"They are also concerned about healthcare and pandemic preparedness because, of course, this may not be the only pandemic in our lifetime.
"Wealthy people don't plan for five to 10 years -- they plan more than 100 years, in terms of wealth and wellbeing."