Offshore Citizenship: “Diversified Citizenship Portfolios” and the Regulatory Arbitrage of Global Wealth Elites

Abstract This paper reads the sale of citizenship via citizenship‐by‐investment (CBI) programmes through an offshore lens. Scholarship on offshore industries has long positioned citizenship sales as part of offshore capitalism—without exploring the phenomenon in any depth. Research on CBI, in turn, has with some notable exceptions neglected the phenomenon's offshore nature. This paper argues that CBI is an outgrowth and increasingly integral part of offshore capitalism, offering a new form of what Susan Roberts calls “regulatory arbitrage”, aiding elite wealth accumulation and power. The paper establishes this relationship by examining the countries and firms selling citizenship, their marketing strategies and customers and, crucially, the nature of the product which rests on the three “offshore pillars”, as described by Ronen Palan—virtual residency, easy incorporation, and secrecy. Conceptualising CBI as an offshore provision can transform how the phenomenon is understood and opens new avenues of thinking about its socio‐structural role and impact in an unequal world.