04/08/22

CITIZENSHIP AND RESIDENCY: Global CBI market on track to reach $100 billion by 2025.

As published on english.alarabiya.net, Thursday 4 August, 2022.

The global citizenship-by-investment market is expected to continue to grow and reach $100 billion by 2025, marking nearly a five-fold increase of $80 billion from its current evaluation of $21.4 billion, a Dubai-based passport advisory said.

The increase in interest for such programs came on the heels of market disruption brought on by the COVID-19 pandemic, and has stood to remain popular among rising global inflation rates and an uncertain economic landscape, Passport Legacy said in a statement on Wednesday.

Since the United Arab Emirates introduced the Golden Visa in 2019, more than 65,000 such visas have been issued for individuals across an array of sectors, including science, healthcare, and entrepreneurship, among others, the firm said.

Over 88 percent of the UAE’s population is comprised of expatriates who rely on visas to live and work in the country, and the residency-by-investment program has been sought out as a means for greater stability among many expats.

The COVID-19 pandemic saw the rise of remote and hybrid work models being adopted at a larger scale. With around 16 percent of companies shifting to remote or hybrid work globally, the market for citizenship-by-investment has seen a drastic surge in interest, the passport advisory said.

“The UAE has done a tremendous job of staying on top of the ball in several aspects of its management of the country and its Golden Visa Residency-by-Investment program is yet another example of a realized pioneering vision and ability to adapt quickly at all times,” said the company’s founder and Managing Partner Jeffrey Henseler.

“Whether you are looking to protect wealth, set up future generations for success, travel more freely, or capitalize on tax benefits, CBI and RBI [residency-by-investment] are viable options that do just that - all while providing a bevy of other benefits as well.”

The Golden Visa comes with many benefits. Visa holders can sponsor family members and are entitled to a government-issued Essaad card which grants them exclusive access to offers and discounts across the UAE and 92 other countries.

“Several countries have set up highly incentive programs that offer mutual benefit to both the country and its investors; this coupled with a continual shift towards digitalization and environmental mindfulness are primary factors that are contributing to a bright future outlook for CBI schemes,” Henseler added.