Caribbean countries contribute to spike in demand for second passport in UAE: Reports
By Nelson A. King
The Dubai-based Citizenship Invest, a market leader specialized in the fastest citizenship programs to legally obtain a second passport, has said that high net worth families and residents in the United Arab Emirates (UAE) contributed to over 70 percent increase in demand for second European and Caribbean nationality in the fourth quarter of 2017, according to reports here.
The top three nationalities that contributed to this spike in demand are Yemenis with 31 percent, followed by Syrians by 15 percent, and Lebanese by 8 percent, according to Arab News, the Middle East’s leading English Language daily.
It said on Monday that the increase in demand is also attributed to the latest amendments in the citizenship legislation of countries like St. Kitts and Nevis, Dominica, and Antigua and Barbuda.
“The amendments decreased the application costs by 50 percent, which have made it a much more accessible process,” Arab News said. “Obtaining a European or a Caribbean passport has become a crucial requirement for high net worth individuals.
“These passports provide people in the region with a sense of comparatively more security for their families and businesses, as well as freedom of movement,” it added.
Veronica Cotdemiey, chief executive officer of Citizenship Invest, said: “We have been seeing a great increase in the number of families applying over single applicants. The main reason is that countries like St. Kitts and Nevis, and Antigua and Barbuda are accepting a family of four members for around SR500,000 (US$133,400) when only two months ago the same would have cost over SR1 million.”
All the countries that have a fast-track citizenship by investment program offer a passport that allows a visa-free entry into 146 countries, Arab News said.
It said these countries include nations under the Schengen zone as well as the UK, China, Singapore and Russia.
“Caribbean countries also have strong ties with the Gulf Cooperation Council (GCC) countries, which makes their passports very popular among Middle Eastern investors,” Arab News said.
Citizenship Invest claims that it is one of the “oldest most reputable companies within the Citizenship by Investment industry and holds the strongest credentials.”
During its journey, Citizenship Invest said it has successfully processed a second nationality and passports for thousands of clients from over 45 countries across the Middle East, Europe and Asia.
“Through our strong track record with the Governments and historical experience, we ensure the highest success rates for our clients,” it said in a statement.