Link to article: https://www.aljazeera.com/features/2020/12/10/wealthy-nigerians-buying-citizenship-overseas
Analysis: Every year an increasing number of Nigerians are forced to flee poverty and unrest at home. Now, rich Nigerians are planning their escape too, and they’re taking their money with them.
Many wealthy Nigerians have a “backup plan” for getting out of Nigeria. Wealthy Nigerian, Dapo says, “I have Maltese citizenship. I can leave for there any time”. Dapo is one of a rapidly growing number of Nigerians who have bought “Golden Visas” or foreign citizenship-by-investment this year. In this case Malta, the Mediterranean island where citizenship can be acquired for a minimum investment of 800,000 euros through the Malta Citizenship by Investment Program.
A record 92 countries around the world now allow wealthy individuals to become residents or citizens for a fee, sometimes as low as 100,000 dollars but often several million dollars.
Every year thousands of Nigerians make their way to Europe via a perilous crossing through the Sahara and Mediterranean. Now their wealthier counterparts are also making their way to Europe, but via a different route.
The problem of Golden Visas seem to be the lesser-reported side of the Nigerian migration story. Despite the lack of publicity it’s still a problem. Rich or poor, the reasons for leaving their home country are the same. Fear of political uncertainty and hope for better opportunities elsewhere. To countries accepting Golden Visas, and the people purchasing them, it seems like a win-win. The country gets much needed foreign investment, and in return the new citizens have new passports and more opportunities to travel and reside in the world. The problem is that the loss of wealth from Nigeria has severe implications on employment in the country. With wealthy people investing their money elsewhere, there is less funding for local businesses and government, which might generate employment.
The poaching of wealthy individuals by other states represent core realist theories of human nature and state behaviors. Realists believe that all human nature is inherently selfish and that all states serve only their own self interests and are only concerned with their own security. Furthermore, realists believe that states only act in their own national interest. Golden Visas exemplify this behavior because states are granting these visas solely for the sake of their own economic benefit with no concern for the economic hole the loss of these citizens will leave behind. If they cared about the economic well being of Nigeria, then they wouldn’t be incentivizing their citizenships.