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 and Tourism

 
  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 4026 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
Meet the FOREO family as they share their top tips for radiant skin during the ...
LOOTAH Perfumes launches four new springtime fragrances for Him and Her
Three Trends to Try with Palladio Beauty
LOOTAH Perfumes launches fragrant oud ‘Ambwood'
Lip Stick to my Heart - GOSH New Collections
Carrera UAE Exhibition
bebe Launches First Ever Ramadan Capsule Collection
Max Fashion Reveals Latest 2018 Fashion Trends at Exclusive Trunk Show
Lexus sweeps two podium finishes at round two of 2018 AUTOBACS SUPER GT 500 series
Care for your baby's sensitive skin with Corine de Farme
Ramadan-Inspired Sandro SS18 Pieces
New Master Maserati Driving Courses for 2018
Toyota Rush makes a new beginning in the UAE
Spinneys Puts Local Food Heroes in the Spotlight this Ramadan
‘Tree of Life' Continues to Change Lives at Arabian Center, This Ramadan
Ethereum - Second In A Series Of Exclusive Cryptocurrency Watches Launched
Enhance your natural beauty while staying active with The Body Shop's Sportify M...
Global Light and Power Celebrates 10 Years with the Opening of their New Showroo...
Get Voluminous Eyelashes and Eyebrows with Rodial's Lash and Brow Booster Serum
Mads Mikkelsen Spotted on Red Carpet at Cannes Wearing Ulysse Nardin Masterpiece
RAK Diabetes Center in Jumeirah offering Free Lifestyle wellness checks and Diet...
Do Explore More with Pandora
Marchon Eyewear New Collections
Pottery Barn Kids Launches Baby Registry Service to Welcome Newborns
Charlotte Tilbury, the World's #1 Celebrity Makeup Artist, Announces the Opening...
Karl Lagerfeld Celebrates Fall / Winter 2018 Collection
Caudalie The Cleansing Collection
Make Ramadan Better With the Gift of Sharing
Aru Impressed with Team Spirit as Italian Champion Secures Top Ten Finish
The Balmain de Balmain II Mini is a true win-win
Hour Choice Presents Coach Perry Collections – Ramadan Exclusive
Facebook Launches Youth Portal, a Central Place for Teens
Celebrate The Holy Month Of Ramadan With The Night Picnic At Tub Of Butter
Breitling's Navitimer 8 Collection Arrives in The Middle East
Stay connected with your loved ones this Ramadan season with the Nokia smartphones
CND™ Boho Spirit: The Collection Summer 2018 Shades
Global Rollout of LGG7 Thinq Gets Underway
LG G7 Thinq Offers Deep AI Integration for Maximum User Convenience
Pick what suits you from essence Spring/Summer 2018 nail polish collection
Elvis Presley's OMEGA Sells for a World Record CHF 1,500,000 at Auction
1st Edition of Cannes International Film Festival From May 8 to 19, 2018
Celebrate Father's Day in 'Swiss Style' with Raymond Weil.
du Helps You Stay Connected this Ramadan with Exclusive Offers Throughout the Ho...
Etihad Airways Introduces Ai Robot Sophia to Abu Dhabi
White Man & Woman Focuses on Innovation and Sustainability With Patagonia at Whi...
OMEGA Welcomes Sailing Sensations Peter Burling and Blair Tuke as Brand Ambassadors
Revel in the all-new Mango Memory Menu – a summer treat by Moombai & Co
Get Your Nails Summer Ready with FC Beauty
A Nose for Great Sound
Dubai Festival City is the place to be this Ramadan