GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Travel

 
  Share

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 : GoDubai Editorial Team
Viewed 2470 times
Posted on : Tuesday, February 6, 2018  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : Dubai Accelerating Momentum Towards Its 2020 Tourism Goals as 2017 Delivers a Record 15.8 Million In...
Next Story : Abu Dhabi Concludes Successful Participation at the SATTE Exhibition, South Asia's Leading Travel Fo...
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
Robinsons Honored for Outstanding Store Design
Safilo Group Reveals Its Spring/ Summer 2018 Collection
Bridal Glow is Skin Deep: Tips for every bride-to-be in 2018
Redefining the Skin Clinic Experience. #allnewkaya opens in Muscat City Centre!
Optim-Eyes Lashes & Brows with Filorga
Mealtop, Introducing a Whole New Dessert Experience
Catch Some Zzz's in the IKEA Nap Truck
Kate Spade New York Spring 2018 Collection
NEZO launches new identity to guide consumers in selecting the best salt for the...
South African artisans of fine leather products look to make big impression at L...
Dual Investments Brand LE66 to Relocate from City Walk to New Dubai Location in 2018
Global Expansion in sight for ICONS© Coffee Couture
Raymond Weil's Freelancer Ladies
Tag Heuer Carrera Heuer 02
Do You Feel Sleep Deprived? Nearly Half of UAE Would Give Up Social Media for an...
Al Ghurair Foundation for Education Event on ‘Graduating Work Ready Youth' Unvei...
15,000 participate in the Dubai Cares' annual Walk for Education 2018 in support...
DAMAC Properties deliveries surpass 20,000 unit milestone as it reports net prof...
Al Qattara Investments reveals expansion plans for Al Ain
Dealing with Diabetes: What German Medical Center's doctors say about the incura...
Indian FMCG Conglomerate Hamdard Laboratories brings “The Drink of India” - Rooh...
Galderma's “Leave Your Mark” Mobile Clinic heightens awareness of skin diseases ...
Jaguar Land Rover Awarded as Company of the Year
Dubai Culture Launches ‘My Environment My Responsibility' Initiative in Hatta
Name of New High-sided Vehicle to Be Rolls-royce Cullinan
Pink Caravan Ride Launches Mobile Mammography Clinic to Offer Specialised On-the...
Middle East Fuji LLC exhibits the Gold medalist of Japanese branded “Kobe Beef” ...
Preparing the perfect table setting with Bits & Pieces
The Allure of Mars: Making humans an inter-planetary species
Keys Ready to Make Her Mark at Dubai Duty Free Tennis Championships
WGS 2018: Teaching altruism, empathy, self-control will drive success, say educa...
Finnair and the Finnish Paralympic Committee agree to a partnership agreement
Arianna Huffington calls for a Third Women's Revolution to redesign a world focu...
Dubai Festival City marks successful first ever Nike+ Run Club edition
WGS 2018: DEWA Is Shaping the Future of Utilities with an Innovative and Holisti...
Capillary's digital growth initiative ‘Accelerate' partners with Google
The Future of Food: What's on your dining table in 2118
Saeed & Mohammed Al Naboodah Group Celebrates 60 Years of Excellence
Feast and famine: Bridging the gap between food abundance and malnutrition
Tommy Hilfiger celebrates the essence of ‘Classic American Cool'
His Excellency Dr Thani Al Zeyoudi Chairs First Meeting of UAE Council for Clima...
WGS 2018: Graça Machel Offers a Moving Tribute to South Africa's Iconic Former P...
WGS 2018: The Future of Superintelligence Is Far from Clear, Says Futurist
Etihad Aviation Group Launches Humanitarian Aid Mission for Rohingya Refugees
Classically elegant and stylish, the titanium mechanical NJ0090-13P makes a defi...
Get Your Weekend Entertainment Fix at Boxpark
Bean Body's Quick Guide To Men's Exfoliation
Sharjah Police Workshop Emphasises Innovation Benefits for All
WGS 2018: World Trade Organization relevant even as global trade alliances give ...
Can the AI that makes ‘fake news' viral also help filter it?