Wow. 60 Minutes Was Totally Wrong About Second Passports

Wow. 60 Minutes Was Totally Wrong About Second Passports

Steve Kroft has a problem with second passports.

Specifically, the reporter and his team of producers slammed “citizenship by investment” programs in an editorial piece that aired on 60 Minutes this past Sunday night.

As we’ve discussed before, many countries around the world, including Malta, Dominica, St. Kitts, and Antigua, have Citizenship-by-Investment (CIP) programs.

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Second Passports

The programs differ between countries, but they all provide an opportunity for foreigners to receive citizenship in exchange for making a donation or investment in the country.

In Dominica, for example, a foreign investor can qualify to apply for citizenship by making a $100,000 contribution to a fund run by the local government (it’s literally called “The Government Fund”).

Presuming the investor meets the other due diligence requirements, he or she can become a citizen and receive a passport from Dominica within a few months.

These programs are all completely legal and run by the governments’ official agencies.

In fact, in most countries it’s legal for the government to award citizenship to foreigners, typically to people who are high achievers in science, arts, or sports.

If Usain Bolt decided that he wants to move to Poland to run for their Olympic Team, the Polish government would award him citizenship in about two seconds.

Governments want to attract talented people who can make valuable contributions or bring recognition to their countries.

So what’s the difference if a Polish investor moves to Jamaica and builds a brand-new school in an impoverished area?

Or if a Canadian invests hundreds of thousands of dollars in a local charity in Antigua?

These seem like equally valuable contributions to reward foreigners with citizenship, especially in poverty-stricken countries.

In Dominica, for example, the funding provided by the CIP program was a major factor aiding the country’s recovery from the devastation of 2015’s Tropical Storm Erika.

The CIP program also helped the economy stay afloat during the worst of the Global Financial Crisis nearly a decade ago.

But Kroft doesn’t like the idea at all and apparently thinks that he should be able to decide what a foreign country is able to do with its own sovereignty.

Naturally, Kroft’s aversion against these programs is fear-based, revolving around concerns over terrorism and security.

His report goes on to showcase an Iranian attorney who obtained a passport from St. Kitts, another Caribbean island with a CIP program.

It was a no-brainer investment for the gentleman; as a global professional, he has to travel frequently to meet clients.

This is extremely difficult to do with an Ir