In the past few years, the United Arab Emirates (UAE) has transformed into a melting pot of cultures. The country has been attracting people from all over the world. Cultural diversity has now become an inseparable part of the UAE.
People from different races come to this Middle Eastern nation to live, work, and invest. UAE’s booming economy, world-class infrastructure, and tax-free environment have made it the most desired place for investors around the globe.
For expats, the country is the perfect place to settle and enjoy the best quality of life.
However, in the past couple of years, there has been a growing trend amongst UAE residents to acquire a second passport.
In this blog, let us explore the reasons behind the growing popularity of a second passport among the residents of the UAE.
Firstly, to begin with, travel freedom is the most important reason that’s been attracting UAE residents to second passports. A UAE passport is relatively strong and has a good ranking when it comes to global passport ranking. It also allows you to visit a lot of countries visa-free or visa-on-arrival. However, there still exist some countries where travel restriction exists and the visa process stands to be time-consuming. And to combat this, residents prefer a second passport as it gives them global mobility. With a second passport, residents get to experience an increased level of flexibility and travel freedom.
Secondly, another thing that makes UAE residents opt for a second passport is access to better financial opportunities. Many countries offer tax incentives and investment opportunities to their citizens. For example, Caribbean countries like St. Lucia offer citizenship by investment programs that allow individuals to obtain citizenship by investing in real estate or government bonds. Holding a second passport makes it easier to invest in other countries and access their financial systems.
Thirdly, with a second passport, investors have the golden chance of diversifying their assets and managing their finances more efficiently. A second passport allows them to gain benefits from the host country’s financial policies and gain maximum return on their finances.
Fourthly, for businessmen, a second passport can provide access to global business opportunities. It can allow them to spread their business in a new country and take it to a higher level. Countries like Dominica, and Grenada (Grenada has an E-2 investor visa treaty with the US) allow business people to invest in new ventures, open physical offices in new places, and grow their businesses.
Finally, a second passport also acts like a plan B for many who see it as an investment to deal with future uncertainties. Especially after the COVID pandemic, people have become more concerned about having a backup plan that can assist them during uncertain times or in case of any unrest in the outer world. Second citizenship is a perfect plan B because it can provide greater privacy and security.
Given the reasons explored above, it’s evident that the trend of UAE residents obtaining a second passport is driven by a desire for greater travel freedom, better financial opportunities, and greater opportunities for business expansion. As more and more countries offer citizenship by investment programs and other options for obtaining a second passport, we can expect this trend to continue in the coming years.
And if you also want to hop on this bandwagon, reach out to one of our experts to understand the process of citizenship by investment program and how it can prove beneficial for you.
Reach out to us at https://aaa-international.com/ or call +971 4 512 4444