The super-rich are hedging their bets by getting multiple passports

When things start getting crazy globally, rich people start looking for backup plans. Bloomberg looks at the uptick in people with enough wealth to secure a second passport, or even multiple passports.

For instance, an Austrian passport costs about $23,750,000, and "applicants are required to invest actively in the local economy. Granting of an Austrian citizenship falls under the government’s privacy laws so it isn’t published or reported anywhere, not even to other countries."

Other countries, notably several small Caribbean nations, have options in the low six figures and also offer tax haven opportunities. Given the historical record, Austria might not be the best place to move if a world war breaks out.

Where the Super-Rich Go to Buy Their Second Passport (Bloomberg)

Image: Pexels

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