Second Citizenship In Growing Demand
According to the latest figures released by Dubai-based immigration firm Bluemina, there has been a sharp rise in the number of UAE expatriates seeking a second citizenship over the past year. Over 67% of expatriates were looking at getting a second passport just within the first six months of 2018.
As we have previously discussed, the benefits of a second citizenship are numerous, especially in terms of mobility and security. Countries that offer citizenship by investment as an option have passports that allow unrestricted and often visa-free access to several parts of the world, which is ideal for the globetrotting businessman and investor. This also provides the opportunity to set up a nest egg in a nation without any capital gains tax.
Having a strong passport in hand can open up several possibilities, including access to greater education and healthcare options globally, which is a boon for investors with families. Little wonder then that in the UAE, the vast majority of high net-worth individuals applying for a second citizenship - over 80% of applicants - consisted of families.
Islands such as St. Kitts & Nevis (offering the world’s oldest and longest-running citizenship by investment program) provide citizenship for a family of four at approximately $200,000, which grants them all of the benefits of living in a Commonwealth country for life. In recent years, the minimum required investment for these countries has also decreased, making their programs all the more attractive.
LuxuryProperty.com CEO Jason Hayes thinks this is an excellent time consider a citizenship by investment option. “As we see the demand for a second passport increase in the region, the host nations of these programs are also relaxing their requirements. Additionally, more such programs are coming about across the world, not just on quiet islands such as Antigua and Cyprus, but also in the United Kingdom and even the United States has such a program.”
Even the UAE has gotten into the game to some extent. While it doesn’t offer citizenship, recent regulations have introduced a special 10-year residence visa for investors. This is expected to boost investment into the UAE and attract a broader spectrum of global entrepreneurs as longtime residents. Combining this with one of the citizenship by investment programs offered in other parts of the world, the HNWI or ultra HNWI family can reap the benefits of watching their local investment grow while enjoying the added security that a second passport provides.
For more comprehensive information on citizenship by investment and to find out which program might be most suitable for you, contact us.