{"id":37930,"date":"2021-09-13T08:45:00","date_gmt":"2021-09-13T04:45:00","guid":{"rendered":"https:\/\/www.savoryandpartners.com\/?p=37930"},"modified":"2021-09-05T16:43:03","modified_gmt":"2021-09-05T12:43:03","slug":"the-evolution-of-residency-and-citizenship-by-investment-in-the-mena-region","status":"publish","type":"post","link":"https:\/\/old.savoryandparnters.com\/blog\/the-evolution-of-residency-and-citizenship-by-investment-in-the-mena-region\/","title":{"rendered":"The Evolution of Residency and Citizenship by Investment in the MENA Region"},"content":{"rendered":"

Residency and citizenship by investment (RCBI)<\/a> is a popular venture among the MENA\u2019s elite, one that has been gaining traction in the past decade, and for good reason; it is affordable, easy, and provides the wealthy with a tool to unlock their ultimate potential.\u202f<\/span>\u00a0<\/span><\/p>\n

RCBI is the perfect fit for the MENA\u2019s elite<\/strong>, as the region hosts some weak passports with limited global mobility, high financial restrictions, and has been plagued with political turmoil for a good part of the past century. All of these factors have created a growing need for a robust Plan B, a problem that RCBI remedies to perfection.<\/span><\/p>\n

Demand For RCBI Increasing In The Region<\/strong><\/em>\u00a0<\/span><\/h3>\n

The need for a solid contingency plan is not a regional matter, but something 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 system, diversification of asset base, and limited global mobility.\u202f<\/span>\u00a0<\/span><\/p>\n

Investing in Residency or Citizenship by Investment<\/a> resolves all of those by providing investors with enhanced global mobility through a new passport, a new investment destination, a favourable taxation regime, and, most importantly, a second home in case something goes awry in their nation of origin, with the latter being a significant issue in the MENA region the past few decades.<\/span><\/p>\n

Related Article: Plan A, Plan B, and Plan C; Why Everyone Needs A Second Citizenship<\/a><\/em><\/p>\n

MENA citizens are a diverse group, it is difficult to aggregate citizens of the GCC with the turbulent Levant or the further east North Africa. The GCC has, on average, a much better economy, slightly better passports, and a more favourable taxation system than its Arab counterparts.<\/span><\/p>\n

However, challenges in global mobility remain an issue<\/strong>, with visas to the United Kingdom<\/a>, Schengen Area, and otherwise becoming more of a hassle. A second passport can remedy that issue easily.<\/span><\/p>\n

As for the Levant and North Africa, the issues stem much deeper than just global mobility. Many nations have been rocked by internal turbulence, which has affected the economy, living standards, and the ease of travel for its citizens.\u202f<\/span><\/p>\n

\"Map

The MENA region accounts for approximately 6% of the world’s population, along with 60% of the world’s oil reserves, and 45% of the world’s natural gas reserves.<\/p><\/div>\n

Financial blockades on some MENA nations have hindered the ability of investors to transfer money in and out of their home countries, while stringent financial regulations in other nations limit the ability of the successful to amass a fortune befitting their work and talents.<\/span><\/p>\n

You Might Also Like: Citizenship by Investment Or Residency by Investment – Which is Best for You and Your Family?<\/a><\/em><\/p>\n

RCBI acts as a solution to all of this, but until recently it was wrapped in\u00a0obscurity\u00a0and little was known about the premise or the ease of getting a second citizenship or foreign residency through investment.\u202f<\/span>\u00a0<\/span><\/p>\n

Awareness in the MENA regarding RCBI has grown recently<\/strong>, especially in major metropolitan cities such as\u00a0Duba, Cairo, Baghdad, and Amman. This awareness has led to higher demand. One could argue that the demand was always high, but only a few knew about RCBI in the first place.<\/span><\/p>\n

\"Cairo

Challenges in global mobility remain an issue for MENA citizens, with visas to the United Kingdom, Schengen Area, and North America becoming more of a hassle.<\/p><\/div>\n

The increase in awareness has been reflected in the number of applicants to the world\u2019s most popular RCBI programs<\/a>. A whopping 41% of the top 10 nationalities that apply to St.\u00a0Lucia<\/a> are from the MENA region. Malta\u2019s (now discontinued) citizenship by investment program saw 26% of its applicants come from the Middle East in 2016, while the second, third, and fourth largest nationalities to apply for the Vanuatu citizenship by investment program<\/a> are Iraqis, Lebanese, and\u00a0Lybians\u00a0respectively.<\/span><\/p>\n

Don’t Miss: Obtaining A Caribbean Second Citizenship Has Never Been Easier<\/em><\/a><\/p>\n

Residency by investment programs<\/a> in the EU saw high MENA applicant numbers as well. Greece\u2019s popular golden visa<\/a> is a great example here, excluding Chinese applicants (which are the overwhelming majority), MENA applicants make up about 28% of all remaining applications.<\/span><\/p>\n

The data sets show that MENA high net worth individuals are now actively seeking a Plan B in the form of RCBI<\/a>, and the good news is that getting investment-based citizenship or residency has never been easier.<\/span><\/p>\n

\"Caribbean

The world\u2019s elite have been using citizenship and residency laws to their advantage, creating portfolios that allow them to benefit from becoming global citizens.<\/p><\/div>\n

Challenges RCBI Faces In The MENA Region<\/strong><\/em><\/h3>\n

There remain challenges for RCBI programs<\/a> in the MENA region the most prominent of which are:<\/span>\u00a0<\/span><\/p>\n