You Can Move to Other Countries Through Investment Migration, Only If You Are Rich

By Mary Anne R. Aug 10 2020, 00:03 AM EDT

The coronavirus pandemic has limited the people's ability to travel through international flights. Even domestic travels are highly discouraged from curbing the further spread of the coronavirus disease.

The transport and tourism industry were also affected by the economic fallout brought by pandemic. Furthermore, COVID-19 cases in states across the U.S. are increasing day by day.

It makes you wonder if there are any other options for escaping the threats of the COVID-19 pandemic. Some might even consider another country, and this might be possible if you are rich.

Super-rich families are using their money to cross borders that would otherwise be closed to them. It can be done through investment migration programs offered by other countries, according to a CNN report.

Investment Migration

The investment migration is a process wherein passport applications are based not on nationality or citizenship, but wealth.

Investment migration programs also allow nations to allow citizenships to individuals in exchange for a substantial investment. These programs have been widely used, especially in the last decade.

Demand for alternative residence and citizenship rights has been a factor for thousands of individuals applying for them each year. These are also known as "golden visas." It allows the super-rich to diversify their business portfolio by moving their money into another country while receiving its benefits.

Dominic Volek, Head of Asia for global citizenship and residence advisory firm Henley & Partners, said people want alternative citizenship for a Plan B.

"They are also concerned about healthcare and pandemic preparedness because, of course, this may not be the only pandemic in our lifetime. Wealthy people don't plan for five to 10 years -- they plan more than 100 years in advance, in terms of wealth and wellbeing," Volek said in a report.

The Henly & Partners noted that the recent rise in interest in investment migration might be linked to the pandemic.

The firm saw a 49 percent increase in queries between January and June this year. Applications also rose by 42 percent compared to the last quarter of 2019, with the first quarter of 2020.

How Much Is Needed for Investment Migration?

You can apply for an investment migration program in Australia if you are ready to cash out around $1.35 million. Investors eyeing to move to New Zealand will need around $1.9 to $6.5 million.

Volek said that New Zealand's program is pretty flexible in terms of what you invest in, as long as it is not for personal use. Volek also said that many of the people who applied for New Zealand's investment migration program had allotted their investments to off-grid commercial farms.

The investment migration program has seen an increase in Americans, Indians, Nigerians, and Lebanese applicants over the past nine months.

American applicants have risen to 700 percent in the first quarter of 2020, compared to the last quarter of 2019. Super-rich from China and the Middle East have also joined the investment migration program.