Demand for dual citizenship is high, according to Savory & Partners

DUBAI, United Arab Emirates, April 2, 2021 / PRNewswire / – Just ten years ago, there were only a handful of immigration programs available to MENA nationals. Over the past decade, the industry has managed to grow dramatically – today there are over 80 investor visa options around the world. Investors from countries like Algeria

“Demand from North African countries has been stable for some time, but there has been a sharp increase over the past year, especially in Algeria, Morocco, Libya, and Tunisia“Says Diaa Nasri, Business Development Manager at Savory & Partner – North Africa.” It has been an honor to know that I am helping people achieve their goals of a safe and secure future through a second citizenship. “

The most popular of these programs are Citizenship by Investment (CBI) programs, whereby foreign nationals can legally obtain a second citizenship and passport in another country through an investment in the country.

As North Africa’s upper and middle classes and civil unrest are becoming more prevalent due to socio-economic challenges, it is no surprise that wealthy people in the region want to obtain a second citizenship in a stable and secure country.

However, the real question that needs to be answered is: why are high net worth individuals and businessmen in North Africa suddenly so interested in getting a second passport through these citizenship by investment programs?

The biggest determinants that influence citizens all over the world Middle East and North Africa to apply for a second nationality are mainly:

Safety security

North Africa socio-economic and political turmoil, especially due to the unprecedented damaging effects on the entire North African region caused by the COVID-19 pandemic, have caused a rush for golden visas and second passports among wealthy people in the region.

Holding a second passport or residency in another country provides a plan B for North African investors and their families to escape the challenges of their own nations. It is invaluable to have the chance to relocate to another place to live or reside during situations of war, political unrest, civil violence, economic downturn and natural disasters. In this increasingly unpredictable world, a second citizenship can bring comfort and peace of mind.

World travel

For some North African nationals, being able to travel with their current passport has proven difficult due to the visa application process which takes 15-30 days. It is also possible that visas will not be approved. Limited access to all parts of the globe makes it difficult to travel freely for business, leisure or in an emergency.

However, when paired with a second passport, North African nationals can gain visa-free or visa-on-arrival access to over 120 countries and territories, including more popular areas like the UK and the Schengen area. For example, a Saint Kitts and Nevis passport allows unrestricted travel to more than 150 countries and territories, while a St. LUCIA passport will allow investors to travel to more than 140 countries, and one of Dominica has access to more than 135 countries around the world.

Global freedom of movement is a particularly attractive advantage for high net worth individuals and businessmen who like or need to travel for business, study or leisure. Having a more powerful passport saves time and money, while providing more opportunities, both personal and professional.

Professional opportunities

Entrepreneurs and businessmen in the North African region are severely constrained when it comes to lucrative business and investment opportunities. A second passport obtained thanks to a Caribbean The citizenship by investment program can provide access to major economic markets around the world, including the UK and the European Economic Area (EEA).

Citizenship through investment programs Saint Kitts and Nevis, St. LUCIA, or the Commonwealth of Dominica are the most popular CBI programs among investors in Algeria, Morocco, Libya, and Tunisia. These programs also allow dual nationality; therefore, you would never need to renounce your first citizenship.

Fiscal advantages

The rich work hard for their money and deserve to preserve it as efficiently as possible. Most CBI programs offer beneficial tax policies that wealthy MENA nationals find very attractive. Depending on the program, these tax benefits range from zero or low tax rates on assets and income to protecting wealth through financial privacy laws and protecting assets from inflation by storing them in another. country.

Quality of life

North Africa is a beautiful and vibrant part of the world. Unfortunately, its status as a developing region means that it cannot provide its citizens with quality infrastructure and systems as much as it would like.

As CEO and founder of Savory & Partners, Jeremy Sarriette note: “I have spent time in several North African countries and have built many strong relationships with locals. When they express their concerns about the future, it comforts me to know that my business can help them feel comfortable and help them secure a better future for themselves and their families. “

The second nationality allows an investor and his family to access a better quality of life. The benefits of living in another country include world-class healthcare, top-notch educational institutions, robust infrastructure and public transportation, and luxurious accommodations in attractive environments.

Where to get a second nationality?

It is preferable that applications for any citizenship by investment program be made through an agent authorized by the government. Such accreditation is granted through a rigorous verification process which can only reassure citizen investors.

Savory & Partners is an accredited agent for several governments where citizenship by investment is offered. Founded in 1797, the agency has grown from pharmaceuticals to family assets and inheritance protection through second citizenship and residency. The company’s professional and multinational staff is made up of expert advisors who have guided thousands of clients, including many North African investors, on their journey to find the most suitable CBI program for them. The Savory & Partners team will be happy to answer your requests in English, Arabic and French.

For more information, please send an email to [email protected]. You can also call +971 04 430 1717 or send a WhatsApp message to +971 54 440 2955.

SOURCE Savory & Partners

Related links

https://www.savoryandpartners.com


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