You know you can buy a passport, right?

To be more precise, you can buy into a citizenship-by-investment programme (CIP), which works by offering citizens of other countries the opportunity to invest in the country’s economy and get a passport in return.

Excited? You should be.

Granting easy access to more powerful passports, Nuri Katz, founder of international financial advisory firm Apex Capital Partners, explained that:

“Generally CIPs draw individuals from countries whose passports offer very limited abilities to travel, such as China, Russia, and Middle Eastern countries.

“Most of the individuals making these types of investments are high net-worth entrepreneurs with net worths of about $2- to $15 million.”

The concept began in 1984 when it was introduced by St. Kitts and Nevis, a two-island nation in the Caribbean, reports CNN.

Since then, developed countries have also opened their passports for purchase, the likes of the United States, Canada and the United Kingdom offering a variety of opportunities.

So whether it’s dropping R1,4 million on the island of Dominica, or spending a minimum of R32 million to get into Cyprus, it’s clear the best passports on offer are the most expensive:

“Cyprus is among the most expensive for a number of reasons. For one, the right to live in Europe is considered to be of high value,” explains Katz.

“Additionally, the investment in Cyprus is in real estate and there is a feeling amongst investors that the Cyprus real estate market is well priced and that investing there can lead to good returns.”

Other popular passports include Portugal, where the country’s Golden Visa Program provides a two-year residency permit and a fast-track to citizenship for a casual R5,6 million – or you can create 10 jobs in the country.

Here’s a breakdown of the top 10 countries offering up their passports for a pretty penny:

So how does one go about it?

Well, it involves a rigorous application process that can take months – if not years:

Typically, applicants will undergo thorough financial and criminal evaluations to ensure the money has been earned legally, prior to residency or citizenship being approved.

Perhaps unsurprisingly, the US CIP program is among the most difficult to obtain. Applicants must fulfill a five-year residence requirement before being eligible to apply for citizenship — which is not guaranteed.

“All nationalities are eligible for the investor immigration program in the US — most applicants are from China, but many are from Iran, Nigeria, Russia, Mexico and Egypt,” says Katz.

“It can take years for residency to be approved.”

Which passport is on the top of your list – a little Caribbean or some Portuguese stylin’? That “create 10 jobs” thing is a pretty sweet deal.

[source:cnn]