“A fast lane for citizenship”

http://www.nytimes.com/2014/12/14/business/some-of-the-rich-collect-art-others-collect-passports.html?ref=business

 

This article describes a popular trend among millionaires and billionaires in emerging-market countries. They are buying passports, citizenship, and entrance visas to other, more stable countries like certain countries in Europe, the United Kingdom, Australia, and Canada. These countries have seen this demand, and they have seen the ability to spend that this clientele has. Countries are responding by raising the prices, thereby responding to high demand and creating price discrimination. Critics fear that these countries are catering to the wealthy, the wealthy that may have gained their money from illegal and questionable means. I also think it is interesting how this article compares stock diversity to residency diversity: “The wealthy already diversify their assets for protection. Now they want to make sure their residency is diversified as well. Why not have a portfolio of passports, too?” Billionaires are expanding their business strategies even further to protect themselves in case of emergency.

1 Comment »

  1. Lee Said,

    December 15, 2014 @ 4:23 am

    Demand and supply are everywhere. But some times the market will incentive some bad mode of the trading. Therefore, I think, government should interfere some trading which has bad influence for the whole market.

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