For ultra-high-net-worth individuals, buying a second home abroad could mean more than a vacation getaway. It could open the door to a new nationality.
Currently, 20 nations, mostly in Europe and the Caribbean, have programs in place that confer residency or citizenship to people who are willing to invest in residential real estate. Investment levels start at $200,000 (in the case of Dominica) or $700,000 (in Spain and Cyprus). According to a recent report by Wealth-X and Sotheby’s International Realty, interest in these programs is widespread.
Pakistan, with 17%, leads the list of countries of origin for UHNW individuals with a second citizenship. The European Union, with 56%, receives the most citizenship applications, which are of any kind, although most countries either allow or require a real-estate investment as a component of the application. Below, two maps from Wealth-X and Sotheby’s show the trends:
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