DUBAI, United Arab Emirates, September 17, 2021 / PRNewswire / – Residence and Citizenship by Investment (RCBI) is a popular business among the MENA elite, one that has gained traction over the past decade, and for good reason; it is affordable, easy and provides the rich with a tool to unlock their ultimate potential.
RCBI is the ideal solution for the elite of the MENA region, as the region is home to weak passports with limited global mobility, high financial restrictions, and has been plagued by political turmoil for much of the last century. All of these factors have created a growing need for a robust Plan B, an issue that RCBI perfectly addresses.
Demand for RCBI grows in the region
The need for a strong contingency plan is not a regional issue, but something that every person in the world must consider. The reasons for setting up a contingency are also quite similar wherever you are; political instability, turbulent tax regime, diversification of the asset base and limited global mobility.
Investing in residency or citizenship by investment solves all of these issues by providing investors with improved global mobility through a new passport, new investment destination, favorable tax regime and, most importantly, a second home in case something goes wrong. would turn out badly in their country of origin, the latter being a significant problem in the MENA region in recent decades.
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MENA citizens are a diverse group, it is difficult to aggregate GCC citizens with the turbulent Levant or the far east North Africa. The GCC has, on average, a much better economy, slightly better passports, and a more favorable tax system than its Arab counterparts.
However, global mobility challenges remain a problem, with visas at UK, the Schengen area, and becoming more complicated. A second passport can solve this problem easily.
As for the Levant and North Africa, the problems run much deeper than mere global mobility. Many countries have been rocked by internal turmoil, which has affected the economy, standard of living and ease of movement for its citizens.
Financial blockades imposed on some MENA countries have hampered the ability of investors to transfer money to and from their home country, while strict financial regulations in other countries limit the ability of successful people. to amass a fortune worthy of their work and talents.
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RCBI acts as a solution to all of this, but until recently it was shrouded in obscurity and little was known about the premise or ease of obtaining a second citizenship or foreign residency through investment.
Awareness in MENA regarding RCBI has recently increased, especially in large metropolitan cities such as Duba, Cairo, Baghdad, and Amman. This awareness has led to higher demand. You could argue that demand was still high, but only a few knew about RCBI in the first place.
The increase in awareness has been reflected in the number of applicants for the world’s most popular RCBI programs. A whopping 41% of the top 10 nationalities that apply to Saint Lucia are from the MENA region. Malta (now discontinued) the citizenship-by-investment program saw 26% of its applicants come from the Middle East in 2016, while the second, third and fourth most important nationalities to apply for the Vanuatu citizenship by investment program are Iraqis, Lebanese and Libyans respectively.
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Residency-by-investment programs in the EU have also registered a high number of applicants in the MENA region. Greece The popular Golden Visa is a prime example here, with the exception of Chinese applicants (who are the overwhelming majority), MENA applicants account for around 28% of all remaining applications.
Data sets show wealthy people in the MENA region are now actively seeking a Plan B in the form of RCBI, and the good news is that obtaining citizenship or investment-based residency has never been easier. .
Challenges RCBI faces in the MENA region
Challenges remain for RCBI programs in the MENA region, the most important of which are:
- Proving the source of funds in war-torn countries. Any country that has faced internal conflict will surely have a weak banking system, and showing that you have the necessary funds for RCBI can be a challenge.
- Choose the right RCBI program. As more countries launch their own version of RCBI programs, it can become quite confusing which one is the best option for you and your family, and a business that requires a financial commitment should be well considered.
- Find a suitable investment. Many RCBI programs offer a variety of investment options, and choosing one that can earn you a profit while securing a second passport can be quite complex. Take into account the need of some investors for a Shariah investment, such as interest-free bonds, sukuk, or income derived from halal sources (alcohol-free, gambling-free, etc.), and the equation becomes even more convoluted.
The good news is; a knowledgeable and experienced service provider can help you overcome these challenges easily. To prove your source of funds through years of expertise in handling RCBI cases, helping you choose the program and investment that suit your needs and budget, and helping you obtain your new citizenship or timely residence; a good service provider makes everything look easy.
MENA Could Become Largest Source of RCBI Investors
The current instability in the region coupled with the economic effects of the pandemic will only boost demand for RCBI. China remains the largest source of RCBI investors in the world, but as notoriety in the Arab-speaking region grows, expect the MENA elite to pursue their Chinese counterparts for that number one spot.
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Savory & Partners has successfully delivered industry leading investment migration services to over 1,200 families and has a 100% success rate for all of our applications. We’ve seen it all and done it all, so if you’re interested in learning more about how RCBI has evolved in the region, how it affected the lives of those who invested there, or how you might get a second citizenship or residency contact- us today for a free and comprehensive consultation.
Savory & Partners is an accredited agent for several governments where citizenship by investment is offered. Founded in 1797, the agency has grown from pharmaceuticals to family assets and inheritance protection through second citizenship and residency. The company’s professional and multinational staff is made up of expert advisors who have guided thousands of clients, including many North African investors, on their journey to find the most suitable CBI program for them. The Savory & Partners team will be happy to answer your requests in English, Arabic and French.
For more information, please send an email to [emailÂ protected].
SOURCE Savory & Partners