Demand for Portugal’s golden visa and citizenship by investment programs of St. Kitts and Nevis as well as St. Lucia have spiked among the expat residents of the United Arab Emirates. The reason? Travel restrictions brought forth by the COVID-19 pandemic.
Connection between the Pandemic and Investment Immigration Demand
The UAE has a large population of expats from countries like India, Iraq, Lebanon and Palestine. They have been hardest hit by the restrictions on travel and mobility imposed across the world as a strategy to combat the pandemic.
Located away from their homes and loved ones, these expats have had no choice but to wait for the travel restrictions to be lifted. This situation has highlighted the advantages of holding a second passport.
Being the citizen of a country with zero pandemic cases can help expats stay with their families during troubled times. This is the primary reason why enquiries have risen by more than 60 per cent and applications have risen by 30 per cent even during the outbreak.
Travel Privileges: A Powerful Advantage
The right to travel with minimal visa or permit procedures is a powerful advantage for not just expats but young businesspeople, entrepreneurs, and professionals.
A weak passport can lock you out of numerous career and business opportunities simply because you were forced to waste time waiting for the visa.
Further, the pandemic has highlighted the unpredictability of life, which means having a Plan B in hand is always better than hoping to avoid problems and contingencies.
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Pandemic Impact: Isolated Destinations with Good Health Infrastructure
Investors have always looked beyond financial parameters when comparing investment immigration programs. However, the pandemic has shifted focus further on countries that offer a safe refuge from health risks through non-congested cities and access to quality healthcare and social services.
This is why UAE applicants who are looking at CIP options in the Caribbean as well as golden visas in the EU.
Portugal
Buy a property for €500,000 and qualify for permanent residence in the EU with minimal formalities or physical residence requirements.
Living in Portugal for five years qualifies you for a citizenship application. As a citizen of Portugal, you will enjoy visa-free access to 27 EU countries and can study, work, or even settle across the EU.
The Caribbean
The Caribbean is the best option if you are looking for an affordable second passport. Some programs offer economic citizenship for as low as $100,000. You can get a passport for yourself and all eligible family members for the cost of a golden visa in Portugal, Spain, or Greece.
Advantages of Caribbean citizenship include life away from congested cities, access to quality healthcare including the option of flying to the US for treatment, and a relaxed lifestyle surrounded by the most beautiful beaches and bays in the world.
For the global businessperson or entrepreneur, visa-free access to the EU, China, Russia, the UK, and other developed markets will give you unrestricted freedom to travel and work across the world.
Alternative Option: Canada’s Start-Up Visa
UAE residents could also consider Canada’s Start-Up Visa as an option for permanent residency that can eventually lead to citizenship.
The Start-Up Visa program grants Canadian permanent residence to qualified immigrant entrepreneurs. The program aims to recruit innovative entrepreneurs to Canada and link them with the Canadian private sector businesses, (angel investor groups, venture capital funds or business incubators) and facilitate the establishment of their start-up business in Canada.