Rising demand from UAE residents for second citizenship

For almost four decades, citizenship by investment schemes have been the ticket to a new nationality.

Six in 10 residents wish to relocate from the UAE to a destination other than their home country, according to a YouGov survey in June. Education for their children, a better standard of living and visa-free travel from a strong second passport were key drivers for relocating, the survey found.

Residency and citizenship-by-investment (CBI) programmes enable nations to grant residency or citizenship rights to individuals in exchange for a substantial investment.

With more and more investors considering migration to avail a spectrum of benefits such as visa-free travel, financial security, safety from political and economic uncertainties, opportunities to explore rapidly changing mix of markets and personal freedom, the idea of investment-based immigration is becoming increasingly popular.

The UAE has always been an important market for second citizenship providers because of the high international immigrant population and the number of people in a position to afford it.

If you are looking at a second citizenship option, head to the International Residency and Citizenship Expo Pavilion in Abu Dhabi on 30 October. The Expo opens up a world of possibilities by offering expertise and guidance needed to make right decisions on numerous citizenship and residency options that are currently available through investment. Entry is free and visitors can register here.

The Expo forms part of a series of collocated interactive networking events to be held in connection with the 11th International Real Estate and Investment Show (IREIS), which will run from October 30 to November 1, 2019 at the Abu Dhabi National Exhibition Centre.

According to the Investment Migration Yearbook for 2019-2020, more than a dozen countries today offer citizenship-by-investment programmes. The Yearbook also revealed that 5,000 estimated number of people acquire citizenship abroad per year and the total value of citizenship-by investment industry has reached $3 billion.

In view of this trend, the 5th International Residency and Citizenship Expo Pavilion is set to help thousands of visitors explore options for a brighter future in various countries such as Cyprus, Caribbean Islands, Germany, Spain, Panama, Portugal, Georgia, Turkey, Greece, Malta, Dominica, USA and UK.

A study conducted by IREIS research team shows that the demand for international migration is rising among UAE residents, a 20 per cent increase compared to the previous year, which creates more importance for such an exhibition platforms, where different opportunities can be considered and evaluated.

Antoine Georges, Managing Director, Dome Exhibitions, said: “Thanks to rising awareness levels, people are becoming more and more interested in exploring the possibilities migration can offer. They are also looking for guidance and support to carefully navigate the available citizenship and residency options. We are presenting the fifth International Residency and Citizenship Expo Pavilion to help visitors fulfill their aspirations for dual citizenships, after careful comparison of various options from around the globe.”

“The number of CBI programmes has witnessed significant growth in the last decade due to the rising demand for alternative residency and citizenship rights” he added.

The International Migrant Stock 2019, a dataset released by the Population Division of the UN Department of Economic and Social Affairs said the UAE hosts the fifth largest number of international migrants at nine million, with the global list being topped by United States at 51 million, Germany and Saudi Arabia (13 million), Russia (12 million) and United Kingdom (10 million). While France, Canada and Australia host around eight million international migrants, Italy is home to six million.

The UAE is the most desired country in the Middle East and Africa after Saudi Arabia for getting residency visas. The UAE believes that talented and hardworking people are the pillar of a strong economy. Therefore, the government gives special incentives to highly-qualified people to move to UAE. These initiatives are introduced to boost the attractiveness of the UAE as an investor hub, to attract quality talent and fill employment gaps. From a business perspective, it is clear that these initiatives are likely to encourage companies in exploring long-term investment opportunities in the UAE. Startup Hub of IREIS will serve as a linking platform between investors and the projects.

Visitors to the International Residency and Citizenship Expo Pavilion will be able to avail free consultancy from the right advisers and government contacts for professional guidance; have face-to-face interactions with reputed consultants in the immigration industry; and mainly, identify opportunities to establish businesses, open bank accounts and expand investments worldwide without personal/income/ other tax options or any kind of restrictions on the repatriation of profits and imported capital.

IREIS 2019, organised by Dome Exhibitions, will present a wide array of property developments alongside numerous attractive investment options and consultation and financing opportunities presented by regional and international real estate investors, brokers, and developers from the Middle East, Europe, and Asia Pacific.

The event is set to provide consumers from around the world with ideal investment options and leading insights into current market trends as the only specialised investment focused real estate event in Abu Dhabi that targets individual and institutional investors and consumers rather than trade visitors. The Department of Economy, Abu Dhabi Chamber of Commerce & Industry and the Department of Urban Planning and Municipalities are among the key sponsors of this year’s edition of IREIS.