By Cailey Rizzo
January 14, 2019

If you have enough money, you truly could become a citizen of the world.

"For a lot of wealthy people having a second or third passport is important for the ability to travel,” Nuri Katz, an advisor on the matter, told Business Insider. “For some it's also a status symbol, like buying a fancy car to show your friends."

Purchasing a second (or even third) passport is a growing trend among the wealthy. But it’s not an option for everyone and it doesn’t work everywhere. This type of program is called “citizenship by investment” (or CIPs) and is available in a number of countries around the world.

Related: Why the U.S. Passport Keeps Getting Weaker (Video)

While some may use the second passport to travel to destinations that may be off-limits (or even just difficult to reach) with their first, many others use the documentation to buy residencies in countries where the taxes are lower. Why some opt for CIPs over residency permits is that citizenship is more permanent. It cannot be taken away — unless, of course, the person in question has committed some very serious crime.

Countries involved in these types of programs are looking to recruit wealthy foreign investors to invigorate local economy. This may bring to mind images of places like Barbados or Grenada — but the United States has its own version of this, too. Costs to get involved can range anywhere from $3,000 per year in Thailand to an investment of $1 million in an American enterprise. In Caribbean countries — like Antigua, St. Kitts or St. Lucia — it’s likely to cost between $100,000 and $150,000. Some countries, like the UK, may stipulate that an applicant must have lived in the country for a few years before submitting a CIP proposal.

To find more information on how to invest in a second citizenship, simply search whichever country you’re interested in (there are many) and “CIPs” or “citizenship by investment.” Each participating country has quite specific rules and different regulations for applying. Although there’s always one thing in common: be prepared to pay.