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)
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The Lord of the Rings and Kim Dotcom put New Zealand on the map for wealthy tech moguls seeking a safe space to hole up when disaster strikes. The Trump presidency kicked the bolt-hole craze to levels where Kiwi lawmakers had to put the brakes on the trend among the ultra-wealthy.
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