Demand for UAE Golden Visa, second passport set to surge among high net-worth individuals

Dubai: As economies prepare for a recovery, residents of the UAE are asking for second and sometimes even third passports in addition to the nation’s coveted Golden Visas.

The demand for Golden Visas is also expected to rise, as 4,500 new millionaires are anticipated to enter the UAE this year (according to the Henley Private Wealth Migration Report).

As more real estate developers prepare off-plan launches aimed at investors looking to use the Golden Visa route, heads of immigration consultancies have claimed that in some circumstances, demand for the UAE’s ten-year residency visa has outpaced demand for second passports from other countries.

According to Veronica Cotdemiey, CEO of Citizenship Invest, investors are scrambling to protect their access to international markets in this situation, sparking a worldwide explosion in the residency and citizenship-by-investment industries.

The UAE is anticipated to draw the second-highest net influx of HNWIs in 2023, according to international residency and citizenship advice firm Henley & Partners. According to the Henley Private Wealth Migration Report, the UAE is still set to have an amazing net arrival of 4,500 new millionaires this year, even though it is a decrease from its record-breaking influx in 2022.

For many rich people, the epidemic, the impending recession, and the Russian-Ukrainian war have served as wake-up calls. “Even those with well-established passports are not immune to travel restrictions and other obstacles. The demand for these coveted passports and residences is undeniable this year and even the next year,” said Veronica.

The UAE Golden Visa program continues to be a desirable choice for investors starting at Dh2 million, especially when compared to the Portuguese citizenship by investment scheme, which has a price tag of $280,000. The US program, on the other hand, demands a larger $800,000 investment that must be retained for five years.