More and more high net worth individuals (HNWIs) in the UAE are not only opting to get the highly coveted Golden Visas offered by the country, but are also increasingly interested in obtaining a second and third passport as the economy continues to improve.
According to immigration consultancies, the demand for the UAE’s ten-year residence visa has, in certain instances, exceeded the demand for second passports from foreign countries. This trend has emerged as UAE real estate developers are increasingly introducing off-plan launches specifically aimed at investors who wish to obtain the Golden Visa.
Veronica Cotdemiey, CEO of Citizenship Invest, stated that investors are engaging in a race to secure their access to global markets, which results in a boom in residency and citizenship-by-investment industries worldwide.
Henley and Partners, an international residence and citizenship advisory firm, predicts that the UAE will witness the second-largest net inflow of HNWIs in 2023. Although this number is slightly lower than the remarkable influx in 2022, the UAE is still expected to welcome 4,500 millionaires this year.
And investors could be coming in from all over, including the US. Shai Zamanian, US-licensed lawyer, EB-5 expert and director of the American Legal Center in Dubai, foresees a notable increase in American investors who acknowledge the potential to contribute to the UAE economy and benefit from the advantages of the Golden Visa. “With an expected surge in foreign direct investment, the number of Golden Visas granted to American nationals is likely to soar alongside the influx of capital,” he said.
Earlier this year, a few EU countries, such as Greece and Portugal, either discontinued their Golden Visa programs or implemented stricter regulations regarding real estate investment for individuals seeking citizenship. This shift has also affected the demand for UAE Golden Visas from affluent Indians who possess substantial financial resources. Additionally, immigration consultants have observed that many UAE residents consider their second citizenship as a form of “security blanket” and choose to maintain their residency in the UAE even after acquiring a second passport.
The current demand for Golden Visas in the UAE is primarily driven by Indians and Americans, with British and South African nationals consistently remaining in the top 10 for the past five years. Wealthy individuals from countries like Nigeria, Syria, Iraq, Lebanon, Yemen, and Egypt are increasingly exploring Residency and Citizenship by Investment programs as a means to secure their family’s future with a ‘Plan B’. Mimoun A Assraoui, CEO of RIF Trust and Vice Chairman of Latitude Group, said.
If you are looking to invest in a property that will give you eligibility to attain your own Golden Visa in the UAE, please do not hesitate to contact us. We have a wide range of properties available for sale – off plan and secondary market, as well as ready to move in or for investment.
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