Dubai PR Network, Online Press Release from Dubai and Middle East
 
(Travel & Tourism)
Filter PR by
  
Second Citizenship More Affordable Than Ever; but Time Is Running Out
 

Experts at Savory & Partners, one of the largest companies in the Middle East that provides citizenship-by-investment programmes, said that high-net-worth families in the GCC contributed to a 76 per cent increase in demand for second passports from Europe or the Caribbean in the last quarter of 2017. But that demand will subside after 31st of March 2018 when prices are expected to increase.

The top three nationalities that contributed to this spike in demand are Syrians with 31 per cent, followed by Yemenis by 18.6 per cent, and Lebanese by 9.7 per cent, although overall Yemenis still account for less than 10% of overall demand.

Demand triggered by political and economic instability in the region and compounded by restrictive immigration policies enforced by some Middle East countries and the United States has compelled many businesspeople to invest in a second citizenship. The fact that the second passport can be obtained in just 3-4 months is an additional incentive.

But while the significant upturn is partially down to geopolitical factors, recent significant price decreases in countries like Antigua & Barbuda, Saint Kitts & Nevis and Grenada has further increased application volumes. However, on 31st of March 2018, the 6-month period for the St. Kitts and Nevis Hurricane Relief Fund (HRF) will end and prices will go back up to the previous levels.

Second passports can help provide businesspeople in the region with more security for their families and businesses, as well as the freedom of movement.

Jeremy Savory, founder and CEO, Savory & Partners, commented: “The last quarter of 2017 saw a great increase in the number of families applying for second citizenship.

The main reason is that the country of Saint Kitts & Nevis, for instance, is accepting a family of four members for as low as $150.000 when five months ago it would have cost more than $300.000”. However, this option expires in 50 days’ time, so applicants should start preparing their files immediately.

Mr. Savory adds: “We are one of the few companies in the GCC to be accredited by all 5 Caribbean jurisdictions. This means we are not limited when trying to help our clients find the most affordable programme. And even when the HRF will end on 31.03.2018, there are other options.”

All the countries that have a fast-track citizenship-by-investment programme offer a passport that allows visa-free entry to more than 140 countries. These countries comprise the Schengen area states in addition to the UK, China, Singapore and Russia.

Caribbean countries also have excellent ties with the GCC, which makes their passports the most-sought-after by many Middle Eastern investors.


Posted by : Dubai PR Network Editorial Team
Viewed 4276 times
PR Category : Travel & Tourism
Posted on : Tuesday, February 6, 2018  2:39:00 PM UAE local time (GMT+4)
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of DubaiPRNetwork.com.
Previous Story : Dubai Accelerating Momentum Towards Its 2020 Tourism Goals a...
Next Story : Abu Dhabi Concludes Successful Participation at the SATTE Ex...
Email this article Print this article

Share this article with your friends and followers
NewsVine
Back to Section Home

Related Stories



 
 
Most Viewed Press Release posted in the last 7 days
GUESS Trend Alert | The Summer Blues [7058-Views]
Hair Rituel by Sisley Now available at Paris Gallery [6667-Views]
Beautiful Freaks [6490-Views]
Alfahim Announces New Three-year Partnership With UAE Triathlon Federation [6448-Views]
Danube Properties launches Dh550 million Lawnz project at International City, adding 1,064... [5844-Views]
Samsung Introduces Sunrise Gold and Coral Blue Editions for the Galaxy S9 and S9+ [5374-Views]
UAE Team Emirates Blend Youth and Experience as They Announce Line-up for Italian Showcase [5216-Views]
Back to the 90s with GUESS Originals [5051-Views]
RAYMOND WEIL Freelancer ACDC Limited Edition [4917-Views]
Shop and earn Skywards Miles at The Dubai Mall [4734-Views]
The Rado True Open Heart Automatic [4666-Views]
Keep cool with Marks & Spencer's linen collection [4599-Views]
Tommy Hilfiger introduces latest SS18 women's watch collection [4270-Views]
TAG Heuer celebrates the 50th anniversary of the Gulf victory in the 24 Hours of Le Mans [4258-Views]
Realty exhibition brings plethora of investment opportunities for expat Indians [4246-Views]
Skyline Suhoor Night 2018 [4148-Views]
What's better than a good breakfast on your Birthday? One that is free! [4136-Views]
The 22nd edition of Indian Property Show to take place in Dubai from 21-23 June 2018 [3861-Views]
Eberhard & Co. Scafograf Black Sheep [3825-Views]
Dubai Tourism Launches State-of-the-art Airport Installation to Inspire Dxb Transit Passen... [3794-Views]
Make a style statement on your wrist [3532-Views]
Learn to enhance your body and home energy quotient [3489-Views]
EU Reinforces Position at the Forefront of Global Energy Transformation, Says IRENA [3477-Views]
Fatima Bint Hazza Inaugurates Abu Dhabi Ladies' Club [3361-Views]
Sharjah's Economic Realities Focal Point of Statistics and Community Development Departmen... [3349-Views]
 
RSS Facebook Twitter LinkedDin
 
Top Sections
 
Top Stories