Passports for purchase: Open citizenship doors around the world

(CNN) — Turns out money doesn’t just buy a glamorous vacation in the Caribbean or a killer suite in Quebec — it can buy residency too.

While British citizens are rushing to claim Irish passports ahead of the UK’s proposed Brexit on October 31, the world’s most elite travelers don’t bother standing in line at immigration counters.

Instead, they enlist in citizenship by investment programs (CIPs), where investing in a country’s economy can grant easy access to more powerful passports.

It’s a controversial but flourishing industry. On October 4, one of the most highly anticipated new programs, Montenegro, announced that it was accepting applications.

This little Mediterranean nation, known for its dramatic mountainscapes and scenic coastal towns, is offering 2,000 applications the opportunity to pocket a passport.

The cost? Applicants need to invest a minimum of $274,000 in development projects.

They must also pay a fee of 100,000 euros per application, which will fund growth in underdeveloped areas.Read More…

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