With most nations strictly limiting how long noncitizens can visit and the United States allowing dual citizenships, the ultrarich are increasingly collecting multiple passports and citizenships called “golden passports.”
In an interview with Vox, Private Client & Family Office partner Michael Kosnitzky said, “The gold standard is to try to have unfettered access to the EU and Schengen countries.”
“They want to have flexibility, to not be limited by a U.S. passport,” added Kosnitzky, who has helped many of his high-net-worth clients obtain second, and even third, citizenships. “They may want to expatriate at some point in the future,” or “they [may] want to maintain flexibility for future generations to do so.” With the U.S.’s increasing bipartisan support for taxing the wealthy, Kosnitzky noted that others may want to avert “a further demonization of the ultra-wealthy.”
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