Perks please wealthy UAE expats purchasing second passports

Whether it’s referred to as a ‘Golden Visa’ or a ‘second passport’, wealthy expats and UAE citizens are taking full advantage of the scheme.

It’ s not just Western expatriates in the Gulf States who’ve amassed unlimited amounts of cash and who’re rushing to invest in their own personal freedom to travel the world visa-free, it’s also expat professionals whose country of birth means they’re not exactly welcome in a swathe of other world countries. Global mobility is essential for the super-rich, but not just for business reasons.

The freedom a second nationality and its passport gives to those with enough money is huge. If, for example, an investment in Malta which includes citizenship is made, no less than 183 world countries will welcome the visa-free passport holder, no matter where he or she was born. Safety and security for investors and their families is the gift that keeps on giving for those with a spare million or two. The second reason why these ‘investments’ are becoming ever more popular is that second passports make it easy to start a new life overseas should the home country plan to close its borders and won’t allow disenchanted nationals to leave. War is another reason for purchasing this 21st century get-out-of-jail- free card.

Cyprus offers the most recommended and popular version of the scheme, with its European passport taking just six months to issue and not needing the applicant to relocate. Holders can live, retire or work anywhere in European Union member states as well as enjoying visa-free travel to 156 countries in total. The cost is a two million euro investment in luxury real estate, which is able to be sold after three years. For those buying citizenship and a second passport from Grenada, residency in the USA is an added bonus, as is visa-free access to China as well as to 127 states including the UK. No relocation is required and the cost is covered by a $200,000 contribution to Grenada’s National Transformation Fund.

For an even cheaper deal, Domenica’s citizenship via investment programme began in 1991, allowing full rights and visa-free entry to 123 countries for a meagre $100,000 without the necessity of living in the country. Another scheme aimed at the slightly less than mega-wealthy is run by St Lucia, where individuals and their nearest and dearest can become citizens without having to visit the island. A contribution of $100,000 to St Lucia’s National Economic Fund or the same amount invested in a project approved by the government is all it takes.