The passport you own is an accident of birth and yet for many people the limitations of this pocket-sized document soon become apparent. That’s why in this ever more complicated world —politically, socially and economically — obtaining second citizenship is a soaring trend. A person with a second citizenship is a citizen of two nations at the same time. Dual citizenship, as it is also known, is very intricate, so it’s vital those applying for it comprehend the advantages and commitments.
One route is citizenship by investment (CBI). For nearly 40 years, these schemes have been the hot ticket to a new nationality. Indeed, CBI is now offered by a number of countries to encourage foreign investment and generate revenues.
Increasingly, in this globally connected world, moneyed individuals are looking at a new passport as a way of gaining access to new markets and greater visa-free travel and mobility. They are also looking to diversify their investments and businesses and gain access to better healthcare and educational opportunities. Many of the qualifying real estate projects have existing properties, which permit individuals to immediately start earning rental income.
A popular selling feature for the Golden visa in Portugal CBI investors, for example, is that many of the properties provide the ability to access a global network of hotels and resorts, which allows clients worldwide vacation choices.
According to a YouGov survey in June 2019, six in ten UAE residents wish to relocate from the country to a destination other than their home country. The survey found that education for their children, a better standard of living, and visa-free travel from a strong second passport were the key drivers for relocating to another country.
The three major factors that UAE residents look at when they decide to migrate are opportunity, security and family. Family can be another big reason for them to move to countries that offer a permanent residency as their spouses can work full-time without any restrictions and children can get medical and education benefits — all of these are part of many advantages one receives by becoming a permanent resident in a few countries.”
Canada, Australia and Germany are top destinations that meet the above points, as these countries offer a skill-based permanent resident visa without a huge investment of buying a property. But people are also looking wider. Gulf residents who are looking to emigrate to Europe too, especially Germany where they can get a job-seeker visa. One can get a six-months visa with which they can go to Germany and legally apply for jobs and convert the visa to work permit.
A study conducted by the research team at the recently concluded International Real Estate and Investment Show in Abu Dhabi states that the demand for international migration is rising among UAE residents, a 20 per cent increase in 2018 compared to the previous year.
Many Gulf residents look at migrating after the completion of their working careers or contracts since they can’t remain in the Gulf indefinitely. The others look at migrating so that their children can enjoy lower education and healthcare fees as permanent residents in these countries.
Immigration has always been a driver of economic and demographic growth for many countries. The coming new decade is sure to see that only escalate.