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Second citizenship is the key for the Middle East investors
Second citizenship have emerged strongly among Middle Eastern recently due to unstable political conditions and turmoil in financial systems.
With the unstable situation in the MENA region and the weakness of passports in these countries, many citizens of these countries are trying to protect their assets and the future of their families and take advantage of the opportunity to increase freedom of movement and doing business through citizenship and residency by investment programs around the world.
It is important to note that the countries that offer second citizenship have taken a decision to double the investment costs in order to obtain citizenship from them, and the decision will be implemented as of beginning of July. Therefore, it is preferable to apply for these programs as soon as possible to avoid double payment.
The need for second citizenship for the Middle East
Second citizenship, citizenship by investment, or second passport are the names of programs for obtaining citizenship after investing in countries that offer these programs. This program has grown rapidly among investors in the Middle East. An investment of $200,000 is enough to qualify a family of 4 people to obtain citizenship.
Amid feelings of fear and instability in their homeland, wealthy families in the Middle East tend to obtain second, third, or fourth citizenship to hedge against the financial and security risks facing their countries, and in order to join those countries as citizens rather than refugees.
The desire to obtain a second citizenship has not only raised due to the political wars taking place now, but before that the events of the Arab Spring and many financial and political turmoil surrounding many countries of the world, the most recent of which is an increase in anti-immigration rhetoric, which led to the spread of anxiety among citizens of the Middle East amid Penalties and travel restrictions imposed on their passports due to their countries of origin.
In addition to the safety, the blockade imposed on Middle Eastern countries affected their financial transfers to and from their countries of origin. These strict financial laws reduced the opportunities for investors to accumulate wealth through their labor and talents.
Previously, wealthy families were the most active group in obtaining citizenship, but with the worsening economic crises and security implications, middle-income people and the general population began to want to leave these countries.
Turkey has been an ideal destination for Middle Eastern citizens in recent years to live and establish their businesses, but after the tightening and changing of the country’s administrations and laws, Middle Eastern citizens began to look for other solutions.
Best second citizenship programs for Middle Eastern citizen
Caribbean countries have emerged strongly among Middle Eastern countries in order to obtain their powerful passports after investing in one of the Caribbean countries, which offers a lot to Middle Eastern investors.
Instead, European countries offer the famous golden residency programs for businessmen and wealthy Middle Easterners whose countries do not accept dual citizenship, as Europe is distinguished by its proximity to the Middle East region and provides facilities for investors applying for residency.
Advantages of golden residency for Middle Eastern investors
~ GCC
▣ Ensuring a safe haven away from political tensions
▣ Achieving returns on investment
▣ Obtaining permanent residency in Europe
▣ Obtaining a second passport in the future from countries that have a strong passport
▣ Choosing a better lifestyle in countries with a low cost of living
▣ Enjoy distinguished healthcare services and high-quality education
▣ European countries have proven to be not only a competitive center for innovation and economic investments in manufacturing, tourism and trade, but also in the technology, research and development
Second citizenship advantages for Middle Eastern investors
✓ The investor and his family members obtain a second citizenship guaranteed by law from one of the Commonwealth countries.
✓ There is no need to revoke your first citizenship because the countries that offer second citizenship are countries that accept dual citizenship.
✓ The scope for business expansion and the opportunity to benefit from the distinctive banking systems in these countries in order to preserve and manage wealth.
✓ There is no need to reside before and after completing the citizenship procedures, but you may be called for a one-time interview.
✓ The simplest way to obtain a second citizenship because the countries that offer these programs do not require that you have an academic degree, work experience, or even knowledge of the language of the country to obtain the second citizenship.
✓ Second citizenship gives you the opportunity to enter more than 150 countries without a visa, including China, Britain, Canada, and the Schengen, with ease of obtaining work visas for Australia and America.
✓ Second citizenship countries do not impose any tax on income generated from any trade around the world.
✓ Real estate investment in order to obtain a second citizenship leads to returns of up to 10% annually.
✓ Second citizenship is an alternative plan that should be taken into consideration by all investors around the world, not just those with international issues. This plan helps you in emergencies caused by political instability, troubled tax systems, and assist you in the asset diversification.
✓ Because of the extremely hot weather in the summer, many Middle Eastern citizens look forward to living in a beautiful country with beautiful weather. The Caribbean countries, for example, are considered a natural paradise that quenches the thirst of individuals who seek to live in a beautiful environment in peace and tranquility.
Points to pay attention when choosing a second citizenship
◈ The ability to prove the sources and movement of funds is difficult in Middle Eastern countries that have witnessed events in which their financial systems were destroyed or if they have a weak banking system, because countries that offer second citizenship programs require investors to prove the sources of funds used in the field of investment to reduce cases of money laundering and suspicions of financial corruption.
◈ Do you need to choose a second citizenship or European residence programme? From which country would you like to choose one of the two programs for you and your family members? It is worth slowing down, thinking and choosing the right program.
◈ Finding an investment that is compatible with Islamic law is a necessary point when choosing the type of investment to obtain a second citizenship with abundant returns in a smart way. Some countries offer methods compatible with Islamic law, including investing in stocks without interest or ownership of a share in a specific project, in addition to investing in paper instruments.
The good thing is that you can get the help of a specialist in the field of citizenship and residency by investment, as the specialist helps you solve the three challenges mentioned and the application will be submitted by him if he is an approved office for citizenship by investment.
About Author
Taher Shehab
As co-founder and CEO, Taher Shehab has guided Global Citizen Consultants to be a leader in providing citizenship by investment in over 20 territories, including the Caribbean.
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