Passport Legacy, a Swiss boutique firm with 100-plus years of combined experience in the investment migration industry, emphasizes the importance of diligently researching credible Citizenship-by-Investment (CBI) programs amidst the ongoing revocation in Cyprus. The Cypriot government launched its CBI initiative, the Cyprus Golden Visa, last decade but it was cancelled in October 2020; a total of 222 passports, comprising 63 primary applicants and 159 family members, have been revoked.
A total of 3,609 citizenships, 53% of the second passports that were secured via the Cyprus Golden Visa program, are reportedly in question for being “unlawfully naturalized.” Individuals who have been subject to revocation thus far will receive zero compensation despite their initial investments starting at around AED 8 million. This reinforces the importance of due diligence before investors commit to a CBI program or purse advisory.
Saint Kitts & Nevis implemented the first official CBI program in 1984 and it has become one of the world’s most prominent. Other countries have followed suit and incepted initiatives of their own as capital acquired from these programs is a strong enabler of economic growth and other related benefits. Similarly, Residency-by-Investment (RBI) is also increasing in popularity. Portugal’s RBI program, the Portuguese Golden Visa, recorded 1,281 approvals to mark a 48% improvement from 2021 and its highest growth since 2018.
The UAE passport, which now enables access to an impressive 91% of the world, was recently deemed the most powerful and best to have. However, due to it not being easily attainable, the country has found different avenues for boosting its economy and allowing expatriates to become staples of permanence. The UAE’s RBI program, the UAE Golden Visa, was launched in 2019 and has seen incredible growth since. In 2022, 79,617 long-term visas were issued to nearly double the approximate 40,000 that were granted in 2021.
Jeffrey Henseler, Founder and Managing Partner of Passport Legacy, UAE HQ said: “Rising inflation and interest rates in less stable economies around the world, paired with global travel now sitting at around 75% of pre-pandemic levels, has seen individuals pursue CBI and RBI programs at an accelerated pace. People are itching to travel freely and without restrictions, which has helped the investment by migration industry explode in popularity but unfortunate circumstances like what is happening in Cyprus do exist. While countries like the UAE and Portugal have stable economies, meaning their RBI programs can be trusted, seeking out trusted advisory is always highly recommended.”
Demand for Passport Legacy’s services grew by 30% last year with applicants primarily stemming from Lebanon, Nigeria, and Bangladesh to name a few. This increased interest is indicative of the investment migration industry’s strong potential and is contributing to the sector’s forecasted five-fold increase of $80 billion through 2025. As it relates to the broad Middle East and North Africa (MENA) region, 28 of its 30 largest cities are expected to see their populations increase by over 15% through 2035; this rapid level of growth will continue to see the UAE’s Golden Visa being increasingly sought out.
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