Many countries have investor visas that enable individuals to make an investment in a country, and in exchange, receive residency, or a path to citizenship or even citizenship.
For some countries, such as small Caribbean islands or smaller Central American countries, “investor” and “retirement” visas are a reliable source of income for the local economy.
But for richer nations, such as this example in Australia, some are calling for the abolition of investor visas – note the intense age discrimination – an issue that will become more intense as the average age rises due to the low fertility rates:
They tend to be aged over 45, with limited English language skills, and cost A$120,000 more in public services than they pay in taxes over their lifetimes, the institute said in a report last year, citing calculations from the Australian Treasury.
The report goes on to quote Bill Browder (hmmmm) saying investor visas should be abolished:
Bill Browder — founder of hedge fund Hermitage Capital LLP and architect of the Magnitsky Act — has also criticized it, telling The Australian the program, and others like it globally, should be shut down. “If people are legitimate immigrants, they should get regular work permits like everybody else,” Browder was quoted as saying Sept. 8.
Source: Bloomberg – Bloomberg
Browder, born in the U.S. to a family of elite academics and educated at prestigious U.S. universities took a job in London, when young, and later became a UK citizen. He renounced his US citizenship back when it was possible to do so without paying a 30% tax on all assets – and he did this to cut his tax burden. He spent many years working in Russia and his wife, Elena Moldova runs a Russian business. (Read the bio – it’s wild). He’s a global elitist who has changed citizenship in the past but thinks opportunities for others to relocate to other countries, unless young, should be banned – because by default, work permits are available only to the young.
This post is primarily about the inherent age discrimination in many immigration programs. This blog has mentioned age limits in place in other countries too. As the fertility rate remains low, and as the youth population continues to shrink, youth become a valuable commodity. It is possible that more countries will put up barriers to older adults relocating to other countries – for fear of pushing their country’s average age higher. Thus, in the not distant future it might become even more difficult for many adults to immigrate elsewhere.
Currently, some countries have lost so much population they are offering residency and citizenship to some – for example, Italy has generous access to persons who have even limited Italian heritage. But such programs are restricted to those with the right ancestry. Most will not qualify. The option to immigrate to other countries will become a feature of the lucky elite – either by ancestry or wealth.