The demand for a second residency and citizenship by investment has increased rapidly year over year since the start of the pandemic as governments around the world imposed lock downs, closed borders and restricted the movement of travellers. Most enquiries received by international investment migration consultancies are from high-net-worth-individuals (HNIs) based in the US, India, the Middle East and Africa, according to the latest media reports.
The investment migration industry, valued to be worth more than $21.4 billion dollars globally, has been growing by 23 per cent per year. The demand for Residency and Citizenship by Investment has surged by 65 per cent this year alone, according to recent statistics disclosed by RIF Trust, one of the fastest growing investment migration consultancies in the world.
“Second passports are no longer being regarded as luxury items like super-cars or yachts. It has become a necessity for people who consider the freedom to travel as an essential part of their lives.
“Starting from $100,000, approved applicants can receive their second passports within four to six months without travelling abroad and can travel to over 140 countries visa-free,” says Mimoun Assraoui, CEO RIF Trust and Vice Chairman at Latitude Group.
The top five most popular citizenship programmes in the GCC region are St Kitts and Nevis, Dominica, St Lucia, Grenada and Antigua and Barbuda, with the most popular residency programmes being Spain, Malta and Portugal.
“People have realised that this goes beyond financial security,” says David Regueiro, COO, RIF Trust and Latitude Group. “The power of having a strong passport in times of crisis is the ultimate insurance policy,” he added.
“Economic instability drives up inquiries for second citizenship among high-net-worth-individuals. Investors and entrepreneurs are increasingly considering the possibility of obtaining a second passport as the perfect Plan B solution for their family and their future,” said Assraoui.
The UAE, one of the top leading international business hubs, has issued more than 44,000 Golden Visas since 2019 to highly skilled and specialised residents, investors, entrepreneurs, scientists, pioneers, leading students and graduates.
The country hosts more than 8.84 million expats and receives around 30 million visitors per year. The country is one of the most attractive residency destinations for its high-quality healthcare, living, security and safety.
Assraoui revealed: “Lebanese, Egyptians and Nigerians nationals are the biggest group looking for a second citizenship or residency, followed by Indians, Syrians, Yemenis and Iraqis. We are also receiving enquiries for the UAE Golden Visa as it’s now one of the most sought-after residency among expatriates living in the GCC.”
To obtain a second citizenship or residency, write to
firstname.lastname@example.org, or call +971 4 520 6777