High net worth expats in Saudi Arabia contributed a 42% increase in overall demand for second citizenship

According to Citizenship Invest, market leader specialized in the fastest citizenship programs to legally obtain a second passport, high net worth expats living in the Kingdom of Saudi Arabia contributed a 42 per cent increase in overall demand for a second nationality and passport in 2017. The spike in applications is largely owing to the United States, along with a number of European countries, implementing more stringent immigration policies in light of the economic and political unrest in the Middle East. A majority of the applicants are from Syria, Yemen, Egypt, Pakistan and Sudan. Syrians lead the number of applications coming from the Kingdom, comprising a 23% followed by Yemenis with 14 %, Egyptians with 11 % followed by Pakistanis with 10 % and Sudanese with 8 %. 

Obtaining a European passport or a Caribbean passport from countries like Cyprus, Dominica, Grenada, St. Kitts & Nevis and St. Lucia, offers high net worth individuals’ endless possibilities in terms of security for their families and businesses as well as flexibility and freedom of movement that they would not otherwise have with their original passports. In many cases, countries that offer fast second citizenship programs require a financial contribution to Governments funds or a real estate investment. The starting cost of these citizenship programs is SAR 375,000 and these passports allow visa-free entry to over 120 countries including the UK and Schengen member states. To obtain a European citizenship and passport in 6 months the investment goes up to SAR 8.5 Million in Real Estate, the investor becomes a European citizen allowing them and their family to live, work, and study in any country of the European Union.

Veronica Cotdemiey, CEO of Citizenship Invest, said, “Visa-free travel, family security, expanding businesses, preservation of wealth and double tax agreements are some of the few benefits that these individuals wish to attain when looking for an alternative citizenship. The fact that investors can obtain a second passport in less than 6 months without having to move to any of these countries is essential for our clients when applying. This relieves them from needing to migrate and disrupt their lives and businesses.” 

These governments have legislations clearly stipulated in their Citizenship by Investment Unit. They are accessible to the public to avoid any misconceptions about the nature of the industry. All the countries that have a fast-track citizenship by investment program offer a powerful passport that allows visa-free entry up to 146 countries. These countries include nations under the Schengen zone as well as the UK, China, Singapore, and Russia. These countries also have strong ties with the GCC, which makes them very popular among Middle Eastern investors.