The Covid-19 pandemic has made everybody appreciate the freedom to travel. People have come to understand that the best form of insurance is having a solid passport and adequate financial stability. Concerning this, the interest in a second residency and citizenship by investment has grown significantly since the onset of the pandemic. This is likely due to governments worldwide enforcing lockdowns, closing borders, and restricting travel.
High-net-worth people, also known as HNIs, located in countries such as the USA, the Middle East, India and Africa make up most of such inquiries, according to various international investment migration consultants. Among these, the largest sections seeking second citizenship or residency are the Lebanese, people from Egypt and Nigeria. Syrians, Yemenis, and Iraqis have also contributed to this increased demand.
A person with second citizenship has a place they can always go if circumstances change. A businessman with two passports has a larger worldwide market area. He can outperform a business based in only one country simply because they can do business in more areas with fewer constraints.
The market for citizenship by investment migration is projected to be worth more than $21.4 billion. It has grown at a rate of 23 per cent per year. RIF Trust is one of the fastest-growing investment migration consultants in the world. According to the most current information provided by RIF Trust, this year alone, the demand for citizenship and residence by investment has increased by roughly 65%.
Approved candidates can obtain their second passports in four to six months without needing to leave the country. This enables them to travel to more than 140 countries without obtaining a visa. A second passport application costs $100,000, and charges increase from there.
Obtaining Citizenship by Investment is the approach that is employed the most frequently. This is sometimes the quickest and easiest option, also known as “economic citizenship.” In exchange for financial or real estate investments, citizenship may be conferred in this situation. There is no need to go outside the country for this process, which normally lasts six to eight months.
The GCC region’s top five most popular citizenship programmes are St. Kitts & Nevis, St. Lucia, Grenada, Dominica, Antigua, and Barbuda. In terms of popularity, the top three residency programmes are in Spain, Portugal, and Malta.
UAE has become one of the most desirable places to live for foreign nationals thanks to its security, quality of life and expansive opportunities for business. This has helped UAE become one of the greatest commercial hubs across the world. The UAE Golden Visa has become one of the most popular documentation among foreign nationals residing in the GCC, with many inquiries for it being received by migration consultants.
Since 2019, more than 44,000 Golden Visas have been issued to highly trained and specialized individuals, including investors, entrepreneurs, pioneers, scientists, and students in the UAE. Foreigners exceeding a figure of 8.84 million reside in the UAE, which also welcomes almost 30 million tourists each year.