The announcement comes after the UAE banned Indians from travelling to the country to curb the spread of the India Covid variant. However, this ban will not include long-term residency holders (such as the Golden Visa) and diplomats. Those that consider the UAE their home base but are not holders of the visa or hold citizenship must find alternative solutions to the restrictions.
Since the UAE banned travellers from India, there has been skyrocketing demand for private jets from wealthy individuals stuck abroad. While there are still charter flights available, they can only hold up to nine travellers and must get approval from the appropriate authorities beforehand, after submitting passenger details.
Global uncertainty
There is no information for how long the ban will last, leaving many UAE-based companies to shift their short-term hiring plans, sourcing talent locally instead of hubs in South Asia like India.
Over the last year, the pandemic has triggered mass uncertainty across the globe. To combat this, high net-worth individuals and their families have increasingly invested in second citizenship as an insurance policy to protect their future financially and physically. Citizenship by Investment Programmes, in particular, have become a popular route to achieving this. Under this initiative, wealthy investors can become legal and lifelong citizens within two to three months once making a qualifying investment into either a government fund or buying selected real estate options.
CS Global Partners, a London-headquartered immigration firm specialising in citizenship by investment, has noted an uptick in applications since the start of the pandemic.
“For many wealthy individuals, the pandemic is the first time that they recognise the undeniable need for a Plan B. It’s not only a matter of protecting your family’s immediate safety but ensuring that your eggs are not all in one basket financially. Second citizenship can provide all of this,” says Micha Emmett, CEO of CS Global Partners.
Citizenship programmes
St Kitts and Nevis introduced the world’s first and, now, the longest-standing CBI Programme in 1984. With nearly four decades of experience, the programme is recognised within the investment migration industry as a “Platinum Standard” brand. Not only is it a trusted product, but it remains to be one of the fastest citizenship programmes globally, as highlighted in the 2020 CBI Index. It also ensures its due diligence framework is robust and multi-tiered, accepting only those of the highest moral character.
Under the Sustainable Growth Fund, investors who choose St Kitts and Nevis can also take advantage of a limited time offer that confers citizenship to a family of four for only $150,000 instead of $195,000.
This article first appeared in the NFA Post and is republished with permission