(CNN) — For most people, the coronavirus pandemic has meant fewer travel options. Not so for super-rich families who are increasingly using their money to cross borders that would otherwise be closed to them.
These so-called citizen-by-investment programs, or CIPs, are currently a growth industry, as are residence-by-investment arrangements, also known as “golden visas.”
They’re a way for ultra-rich individuals to not only diversify their portfolio by moving their money into a country, but also receive the benefits of citizenship, including a new passport.
Over the past five to 10 years, the primary motivations amongst CIP participants – who tend to have a net worth of anywhere from $2 million to over $50 million – have been freedom of movement, tax benefits and lifestyle factors, such as better education or civil liberties.
But with COVID-19 dramatically transforming our 2020, some elite families are also considering healthcare, pandemic responses and potential safe havens to ensure they have a backup plan for the future.