Yet another residency programme for HNWIs and highly skilled professionals was launched in Saudi Arabia. This premium programme has already accommodated 73 individuals. The applicants have to pay 800,000 riyals ($213,000) for permanent residency or 100,000 riyals ($26,700) for extendable one-year permits. By way of the kingdom’s overall diversification, the visa enables the applicants to obtain real estate and set up business in the country.
Residency and Citizenship by Investment (CIP) programmes are gaining popularity worldwide as more and more solvent customers are considering a second passport or a ‘plan B’ relocation. Investment immigration programmes are in place in a variety of countries including the EU member states, the UK, the Caribbean, the US and many more.
Citizenship by Investment provides a fast track through otherwise lengthy naturalisation procedures and does not require language proficiency. For investor migrants, it’s as easy as channeling the funds into the local economy or buying property.
In Panama, for one, investor migrants can receive a residence permit at a moderate cost of $80,000 invested in teakwood industry. An example of the brand-new Montenegrin programme helps understand the market scale. Launched this autumn, this ambitious CIP aims to raise over $1 billion through 2022.
The UK, on the other hand, imposes more stringent requirements to future residents – a minimum investment of £2 million ($2.6 million) into the British economy. Despite the looming Brexit, the visa remains in high demand: the number of applicants grew by 36% year-on-year in the first half of 2019.
The investment migration boom raises concerns in the EU. Transparency International reports have continuously revealed a lack of transparency and vetting in some of the CIP destinations. That said, the CIP market is thriving to a common benefit, strengthening local economies and bringing investors new life and business opportunities across the globe.
Astons is a leading global immigration advisory firm with offices in London, Moscow, Dubai, Cyprus and China and offers residency & citizenship investment solutions in the UK, EU & the Caribbean.
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