The Golden Passport: Global Mobility for Millionaires

Sociologist Surak (Making Tea, Making Japan) offers an in-depth look at the rise of CBI, or Citizenship by Investment, the process by which impoverished nations benefit by selling citizenship to wealthy individuals in exchange for large investments in the country. Analyzing the history and ramifications of the practice, Surak explains that CBI programs began primarily among small eastern Caribbean microstates (St. Kitts was the originator of the scheme) in the 1980s, and have since spread to more than a dozen countries, including some with European Union membership. Although the level of investment required to obtain citizenship privileges varies, it is always an expensive matter, out of reach to all but the most wealthy. The primary benefit of CBI to these elite investors (most of whom do not live in their new country) is “mobility,” or the ability to cross borders that one’s original passport does not allow. For example, Maltese citizenship provides access to visa-free movement across the European Union, expanding one’s business opportunities and other privileges. While Surak presents an extensive overview of the complexities of these programs, the academic and digressive prose may be tough for non-specialists to follow. Still, journalists and regulators focused on international finance will find much to chew on. (Sept.)