American investor and businessman Jim Rogers believes that high net worth individuals should have more than one passport. He made this announcement during the 11th Global Residence and Citizenship Conference in Hong Kong in November.
Veteran investor Jim Rogers in an interview with a migration magazine stated:
“Over the next 20 years, being trapped with only one passport, you could suffer very badly.”
We believe his words are very close to the reality as second passport provides a massive flow of benefits to high net worth individuals with weak passports. Apart from being the new status symbol, second passport has started to replace sports cars, yachts and designer clothes in the list of must-have luxury items.
Today, 12 countries are offering the opportunity to obtain a second passport in exchange for an investment in their economy. However, the level of power each passport provides is different. Grenada’s passport, for instance, gives its holder an opportunity to apply for the E-2 Investor Visa (details at E-2 visa for Grenada’s citizens), the passport of Vanuatu can be obtained within just 2 months – it’s the shortest processing period among other countries with citizenship by investment programs, and Dominica’s passport tops the CBI Index which evaluates seven key criteria of such programs. Dominica was given the highest mark in four categories: due diligence, minimum investment layout, no mandatory travel or residence, and ease of processing.
Among European countries with CBI programs, it’s worth to mention Malta. A Maltese passport opens visa-free gates to more than 167 countries. Moreover, the Maltese government plans to introduce some changes to the program in 2018, and the major change will concern the quota on approved applications. As of today, about 1,500 out of 1,800 possible applications have already been approved, and the government is expected to extend the quota.
But back to Jim Rogers. He also has an opinion about bitcoins, and it’s not a positive one. While the world is going crazy mining bitcoins, Jim Rogers, whose name has become a household name among investors, stated that he expects this bubble to burst this time next year.
Will the forecast of Jim Rogers come true? We can’t be sure. However, the new digital gold is gradually becoming more common. Japan, Canada, United States, Cyprus, China, Singapore have made bitcoin their legal currency. Recently, the information about Vanuatu becoming the first country in the world to accept payment in bitcoins for citizenship-by-investment program has appeared in mass media. Though information wasn’t confirmed by the Vanuatu’s authorities, and the title of the first country to legalize bitcoins for CBI program still remains vacant, we do think it’s a matter of time before the Citizenship by Bitcoin experiment is launched.