- World Population Review Newsletter
- Posts
- Who’s Buying Passports? The Secret Market Unveiled
Who’s Buying Passports? The Secret Market Unveiled
From luxury loopholes to rising red flags, the business of belonging.
Philip Saparov
September 14, 2025
In partnership with
Greetings, inquisitive mind of global movement!
Citizenship is no longer just a birthright—it’s for sale. Governments auction it. Billionaires snap it up. For some nations, it’s a revenue stream. For others, a security risk.
But for individuals like you, a second passport can mean safety, freedom, and opportunity.
This edition dives into the booming market of investment migration—who’s selling, who’s buying, and why it matters for your future.
Keep This Stock Ticker on Your Watchlist
They’re a private company, but Pacaso just reserved the Nasdaq ticker “$PCSO.”
No surprise the same firms that backed Uber, eBay, and Venmo already invested in Pacaso. What is unique is Pacaso is giving the same opportunity to everyday investors. And 10,000+ people have already joined them.
Created a former Zillow exec who sold his first venture for $120M, Pacaso brings co-ownership to the $1.3T vacation home industry.
They’ve generated $1B+ worth of luxury home transactions across 2,000+ owners. That’s good for more than $110M in gross profit since inception, including 41% YoY growth last year alone.
And you can join them today for just $2.90/share. But don’t wait too long. Invest in Pacaso before the opportunity ends September 18.
Paid advertisement for Pacaso’s Regulation A offering. Read the offering circular at invest.pacaso.com. Reserving a ticker symbol is not a guarantee that the company will go public. Listing on the NASDAQ is subject to approvals.
🛂 Citizenship-by-Investment (CBI) programs let individuals acquire a second passport by donating to government funds or investing in real estate. While controversial, they’ve become lifelines for small economies—and backdoors into larger ones.
The Caribbean leads the way:
🇰🇳 St. Kitts & Nevis: The first to launch CBI in 1984; citizenship for $250,000+
🇩🇲 Dominica: Offers one of the most affordable programs—starting at $100,000
🇦🇬 Antigua & Barbuda: Offers family packages and real estate incentives
🇲🇹 Malta, an EU member, stands out for its €1M+ program, offering passport access to over 190 countries, including the U.S. and EU.
📌 Surprising stat: St. Kitts & Nevis has issued more passports via CBI than it has residents living in the country.
💼 Citizenship has become a tool of personal strategy—for financial optimization, mobility, and even personal safety.
The top three drivers for high-net-worth individuals:
🌍 Visa-free travel to dozens of countries
🔐 Geopolitical insurance—an “escape hatch” if unrest or sanctions arise
💸 Tax optimization—many CBI nations offer low or zero tax on global income
Examples:
Wealthy investors from 🇷🇺 Russia and 🇨🇳 China seek backup options amid tightening political conditions
Some 🇺🇸 Americans use second citizenships to renounce U.S. tax obligations
📊 Fascinating shift: Over 5,000 Americans renounced their citizenship in 2020 alone—a record-breaking year.
🇪🇺 The European Union has voiced strong opposition to “golden passport” programs, especially from member states. The concern? These schemes may be exploited for:
💼 Money laundering
🛑 Sanctions evasion
🕵️♂️ Political influence buying
Countries taking action:
🇧🇬 Bulgaria: Scrapped its CBI program in 2022
🇨🇾 Cyprus: Revoked over 200 passports after corruption allegations
🇲🇹 Malta: Remains defiant despite legal pressure from the EU
Critical insight: The EU is pushing to eliminate all direct citizenship-by-investment programs by 2025.
This chart shows how the EU has been clamping down on citizenship-by-investment: Cyprus revoked over 200 passports, Malta dozens more, while other countries shut down or restricted their programs entirely.
If direct citizenship is blocked, many countries still offer “Golden Visas”—residency rights with a path to citizenship.
🏡 How it works: Invest in real estate, create jobs, or fund national projects to earn the right to live (and later naturalize).
Top examples:
🇵🇹 Portugal: €500,000 real estate investment = residency + eligibility for citizenship in 5 years
🇬🇷 Greece: Europe’s most affordable Golden Visa at just €250,000
🇪🇸 Spain & 🇮🇹 Italy: Attractive for retirees and lifestyle seekers
📈 Trend to watch: Golden Visas are replacing full CBI in many regions due to regulatory pressure—but may be a smarter long-term path.
🧳 Not all second passports are for billionaires. A new class of mobile professionals is entering the space:
Digital nomads
Crypto entrepreneurs
Online business owners
Countries are adapting with:
Low-tax residency programs
Remote work visas that evolve into permanent residency
Fast-track naturalization based on economic contribution
🌴 Hot destinations:
🇵🇦 Panama: "Friendly Nations Visa" leads to permanent residency
🇨🇷 Costa Rica: Welcomes remote workers with minimal income requirements
🇬🇪 Georgia: No visa needed for 90+ countries, easy business setup
⚡ Smart stat: Panama's Friendly Nations Visa takes just $5,000 in a bank and a local LLC to start your path to permanent residency.
🧠 Citizenship is more than paperwork—it’s about shared values, identity, and social contract. Selling it raises real ethical questions:
Is it fair that wealth can buy what refugees wait decades for?
Does it create two classes of citizenship: earned vs. bought?
Can CBI programs dilute national identity?
Some countries now require:
🗣️ Language fluency
🧭 Physical residence
📋 Civic participation
🕰️ History lesson: In Ancient Rome, citizenship could be purchased—but only a privileged few earned it by birth or service. Are we returning to a modern form of that system?
The future of nationality may look less like paperwork—and more like a globalized identity. The old idea of being tied to a single country is breaking down.
Emerging trends:
🧬 Blockchain-based digital identity
🌐 Global citizenship platforms offering climate or education-based affiliations
📍 Stateless residency models for highly mobile individuals
🔮 Projection: By 2035, over 15 million people will hold multiple nationalities by strategic choice—not ancestry. The age of “passport portfolios” has begun.
Citizenship isn’t just where you’re from. It’s where you can go. What you can access. The protection you carry.
For some, it’s luxury. For others, survival. For everyone, it’s changing fast.
Your passport is no longer paper—it’s power.
Stay informed. Stay free. Stay global.
Warm regards,
Shane Fulmer
Founder, WorldPopulationReview.com
P.S. Want to sponsor this newsletter? Reach 127,000+ global-minded readers — click here!