Ultra high-net worth individuals are turning their attention away from sports cars, yachts and designer clobber, and are instead focusing on acquiring the latest status symbol among the super wealthy: passports.

Today it is entirely possible to buy and sell citizenship, and for the ultra rich, the more passports they can get their hands on, the better.

Citizenship by investment programmes (CIPs) is a concept that began in 1984, when the two-island Caribbean nation of St Kitts and Nevis came up with the idea to encourage wealthy individuals to pump money into its economy in exchange for a passport, which gives holders visa-free access to 132 countries worldwide.

For millionaires in countries that have politically problematic or restrictive passports, such as China and some regions in the Middle East, the ability to buy a passport that offers visa-free access to a huge number of countries around the world is priceless.

While CIPs were once a niche market offered by a handful of cash-strapped Caribbean countries, a growing number of nations are launching their own programmes to appeal to the rising number of ultra-rich individuals around the world and the increasing trend of people wanting to live a nomadic lifestyle.

Two dozen countries now offer CIPs to those willing to invest in the countries' businesses, real estate or government bonds, including Cyprus, Portugal, Moldova and Malta, while Montenegro is currently in the process of launching its own programme.