(FORTUNE Magazine) – Nathan Hale died for it. Now you can buy it: citizenship. Though civics teachers still uphold it as priceless, it can be had legally for as little as $25,000 in Belize. For only a few hundred thousand dollars countries like Canada offer qualified investors permanent residency, which carries all the advantages of citizenship except the right to vote. Surely, you say, the U.S. would never follow suit. Well, it might -- and probably should. Political malaise in Hong Kong, the Philippines, the Middle East, and other hot spots has foreign capitalists seeking havens not just for their fortunes, as in past years, but for themselves. Many would choose the U.S. but quickly discover that U.S. immigration policy does not smile on them just because of the capital they can import or the jobs their capital could create. ''Other countries, like Switzerland, take these factors into account,'' says Charles Foster, chairman of the American Bar Association's committee on immigration law. ''Ours does not. A live-in domestic can get into the U.S. easier than a Hong Kong businessman with $10 million to invest, assuming the domestic has help from an employer.'' So whither the Hong Kong businessman? Perhaps to Australia or Canada, countries that solicit his citizenship. While neither sells citizenship outright, both offer special treatment for immigrants carrying heavy luggage. In Canada, immigrants who prove they have investment skills and $250,000 (Canadian) to invest get permanent resident status. Without the money, that may be impossible. Will the U.S. ever adopt such policies? Foster of the ABA hopes so: ''All countries have considerations built into their immigration law. Given the U.S. trade balance, why not include economic ones?'' Legislation being drafted by Senator Alan Simpson of Wyoming would do just that. In the latest version, a warm U.S. welcome would go out to immigrants who could put their capital to work employing ten American workers. How much capital is that, exactly? On the Hill they're discussing figures between $500,000 and $2 million.

CHART: The Cost of an Open Door (into selected countries)

U.S. (proposed) $2 million Australia $360,000 Canada $190,000 Cayman Islands $180,000 Costa Rica $75,000 Belize $25,000

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