A Preview of Second Citizenships
For years, statute naturalization was viewed as the only way to obtain a passport or citizenship. Alas… times are changing. As the world has become increasingly more globalized, unstable, and immigration policies are certainly more rigid in nature, many people continue to search for alternatives that can offer them the freedom and possibility of acquiring a second citizenship.
There are a few citizenship programs available, however there is one in specific whereby applicants receive it after investing a sum of money into the economy of another country—known today as an economic citizenship.
In the U.A.E, citizenship-by-investment programs have risen in popularity amongst U.A.E citizens and expatriates alike. A second passport is no longer being regarded as an expensive luxury, rather a valuable asset that can allow individuals and families to protect their finances, grow their business as well as move freely around the world without being tied down by their nationality.
There are some economic citizenship programs that are being sought after more than others. In the Caribbean, the Commonwealth of Dominica as well as St. Kitts and Nevis and St. Lucia, Antigua and Barbuda and Grenada are the most popular contenders whereas in Europe applicants tend to go for Spain, Portugal and Cyprus depending on if they are applying only for themselves or with their families.
If you are looking to acquire a second citizenship, here are some of the factors that you should consider:
• Standard of living
• Minimum investment
• Mandatory travel or residence
• Citizenship timeline
• Visa-free travel options
• Ease of processing
• Due diligence/providers
• Family options vs. single applicant
The U.A.E has somewhat turned into a hub for individuals looking to acquire economic citizenships. Programs for the same are increasingly using low investment thresholds as well as efficient processing to attract applicants of different nationalities into considering changing their nationalities. Confused about which country’s citizenship you want? Here are some of the options.
Contact one of our specialists to learn more:
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Don’t need a second citizenship? We offer other services too! Here is a guide on property gifting in Dubai.