UAE Golden Visa, second passport expected to increase for high income individuals.
UAE wealthy people not only seek the country’s coveted golden visas. They also apply for a second and sometimes a third – passport as the background’s economic recovery.
Initially, 4,500 new millionaires expect to arrive in the UAE this year (according to the Henley Private Wealthy Migration Report). The demand for Golden Visas is sure to soar.
Further, the head of immigration consulting firms said the demand for 10-year residency visas in the UAE outstripped and for second passports from abroad probably more.
Property developers prepare to launch unplanned launches aimed at investors. They want to follow the Golden Visa route.
“The UAE expect to attract a second net HNWI stream in 2023,
with 4,500 new millionaires expected.”
It is despite a drop in record inflows in 2022. American investors, including Shai Zamanian, are expected to contribute to the UAE economy and benefit from the Golden Visa.
The Golden Visa scheme also increases demand from cash-rich Indians. Immigration consultants suggest that many UAE residents use their second citizenship as a security blanket.
Moreover, the pandemic economic downturn and the Russo-Ukrainian war have caused the wealthy to apply for second citizenship. Data shows second citizenship applications by UAE residents will increase by 63% in 2022 and 36% in 2023.
Therefore, Stricter policies and financial constraints will continue to drive citizenship applications on Monday. Australia regained the top spot of net capital flows received in the company. Most of the application’s investment migration programs are in the first quarter of 2023.
However, UAE Golden Visa is an attractive investment option for investors starting at Dh 2 million. The US program requires a higher investment of $800,000 for five years. Caribbean countries undergo assessments to reduce costs and streamline processes. Saint Lucia recently had minimum investment for real estate. Saint Kitts and Nevis offered limited time offers.
In addition, “Indians and Americans are driving demand for residency and citizenship programs through investment. British and South Africans remain in the top ten. Wealthy individuals from Nigeria, Syria, Iraq, Lebanon, Yemen and Egypt are considering these programs to protect their families’ futures.”
Syrians, Lebanese and Pakistanis are the nationalities most likely to invest in second passports in the UAE and the Gulf Cooperation Council.