More and more expatriates living in the UAE are looking to buy a second passport. They want freer travel. They also want better tax planning and security.
According to Dubai-based Citizenship Invest, interest has risen among people originating from:
Demand rose after European nations and the United States tightened immigration policies. In 2017, US president Donald Trump ordered a ban on travellers from Muslim-majority countries.
Second passports are offered by countries like Cyprus, Malta, and those in the Caribbean in exchange for an investment. They have grown more popular among affluent individuals. They provide visa-free entry to many states. That includes Schengen and European Union countries.
Many of these programmes also enable investors to obtain residency or citizenship rights in less than six months. Applicants do not have to move outside the UAE. Costs are still high. In many cases, an applicant needs to set aside between Dh360,000 and more than Dh5 million.
Among Syrian expatriates in the UAE alone, sign-ups rose by 20 per cent in 2017 compared to 2016. Applications from Lebanese went up by 17 per cent. Iraqis rose by 10 per cent. Palestinians rose by nine per cent.
A similar trend can also be noted in the first few weeks of the year. More than half (57 per cent) of those eager to get a new citizenship are families. That is according to Citizenship Invest. The firm assists individuals in obtaining residency rights in foreign countries.
Veronica Cotdemiey, CEO of Citizenship Invest, said several needs are driving expats to secure a second passport. These include:
“Visa-free travel, family security, expanding businesses, preservation of wealth and double tax agreements are some of the few benefits that these individuals wish to attain when looking for an alternative citizenship,” she said.
“The fact that investors can obtain a second passport in less than six months without having to move to any of these countries is essential for our clients when applying. This relieves them from needing to migrate and disrupt their lives and businesses.”
Citizenship Invest clarified that the increase in demand can also be linked to recent citizenship law changes. This covers countries with the most popular programmes among Middle East investors. Examples include Saint Kitts & Nevis and Antigua & Barbuda.
The new changes have effectively decreased application costs by 50 per cent. That has made the process much more accessible.
Here are some of the countries that offer foreigners a second citizenship:
Cyprus is one of the most highly recommended destinations. It can issue a European passport in only six months. Applicants are not required to relocate. A Cypriot passport allows citizens to visit more than 100 countries visa-free. It also offers a chance to live and work anywhere in the European Union.
Those who obtain a second passport from this Caribbean country can also enjoy residency in the United States. Grenada is said to be the only Caribbean state that allows citizens visa-free access to China. Entrepreneurs can take advantage of that. It is especially useful if they have business operations and ties with China. Applicants are not required to relocate.
The country has a citizenship by investment program established since 1991. It allows full rights in exchange for US$100,000. Like a few other countries, Dominica doesn’t require applicants to live in the country.
