No organization formally tracks visa purchases on a global scale, but companies that specialize in advising clients looking to relocate report that business is booming. Henley & Partners, a London-based consultancy said inbound inquiries globally jumped 89% last year, even after a big spike in 2020 that was driven by Americans. Apex Capital Partners said it has seen a 200% rise in applications from U.S. citizens since early 2020, according to vice president Armand Tannous. Canada saw the next biggest surge, at 47%.
The practice of selling visas has come under scrutiny. Cyprus suspended its citizenship-by-investment program in 2020 after the a top-ranking politician was caught offering to help a Chinese businessmen with a criminal record get a Cypriot passport. The European Commission has repeatedly warned Malta and Bulgaria to end their so-called golden passport schemes, which like Portugal’s, give applicants a back-door option to EU citizenship. The programs’ popularity with rich Russians has heightened criticism amid the war.
Still, some countries are exploring adopting the programs to rebuild government coffers ravaged by Covid and inflation, and to court the growing hordes of crypto rich. Katie Ananina, founder of Plan B Passports, said she’s helped about 400 people move to El Salvador in the past year, all of them anticipating the country’s announced—but not yet implemented—residence-by-investment program.
Ananina focuses exclusively on the crypto wealthy. She said her clients appreciate President Nayib Bukele’s embrace of Bitcoin. They’ve also been drawn to El Salvador’s loose Covid protocols and lack of capital gains taxes on assets like cryptocurrencies.
“They’re trying to compete for the right audience,” she said.
--With assistance from Slav Okov.
This article was provided by Bloomberg News.