Eighty-three per cent of high net worth people applying for a second passport in Saudi Arabia are families, according to Citizenship Invest, a market leader citizenship programmes to obtain a second nationality.
The study has shown that there has been a 42 per cent increase in applications witnessed in 2017represented mainly by three nationalities of expats living in Saudi Arabia: Syrians, Yemenis and Pakistanis. The Kingdom’s wealthy Syrian families representing a 27 per cent of overall increase, followed by Yemeni families at 19 per cent, and finally Pakistani families at 9 per cent.
Most of these cases were family applications and only 17 per cent were single applicants. Some of the many reasons behind this trend are that citizenship by investment programs like St Kitts & Nevis, and Antigua & Barbuda, reduced their cost by 50 per cent, which became significantly more affordable by families residing in the Kingdom.
Another major benefit is that to obtain or renew residency visas in the GCC and other Arab countries with a ‘more internationally friendly’ passport becomes a much easier process.
A second nationality from one of these renowned countries with citizenship programs allows visa-free entry to over 120 countries including Schengen member states as well as the UK, China, Singapore and Russia amongst many other major destinations. These countries also have strong ties with the GCC, which makes them very popular among Middle Eastern investors.
Citizenship by investment programs open endless possibilities for families in Saudi Arabia to choose better options for their children’s education, preserve their legacy and wealth, and secure an overall better future for their families and businesses for generations to come. A European passport could be obtained lawfully in a period of only 6 months.
Veronica Cotdemiey, CEO of Citizenship Invest, said: “This increase is due to the many difficulties Syrians, Yemenis and Pakistanis face with their current passport. These three nations are showing in the rankings amongst the weakest passports in the world as follows: Syria ranks 33, Yemen ranks 39, and Pakistan ranks 30.
“With limited access to major countries and markets, wealthy individuals are looking for a fast way to secure their families and businesses. Considering their options, families invest in the very popular citizenship programs of Commonwealth of Dominica, St. Kitts & Nevis, Antigua & Barbuda, Saint Lucia, Grenada and Cyprus to achieve the countless benefits a second powerful passport in only 3 to 6 months.”
What is key when seeking a second nationality, is that these governments have in their legislations clear Citizenship by Investment Acts; therefore, applicants lawfully obtain their citizenship and would not incur any problems with immigration authorities worldwide.
These legislations are accessible to the public to provide a better understanding about the nature of the industry. When someone is offered a second nationality and a passport they must always ask for the citizenship legislation of the country
Source Credit: Trade Arabia