Savory and Partners: Surge in demand for second passports as displacement fears at a high
There has been a surge in demand from Moroccan, Syrian and Indian expats living in the GCC for obtaining second passports, according to new data released from Dubai-headquartered citizenship and residency by investment advisors Savory and Partners.
A sudden spike in interest from Moroccan nationals was seen soon after the devastating earthquake earlier this month, while there’s also been a 30% increase in applications from Syrians and Indians owing to unstable political and economic conditions, as per the advisory.
Over 220,000 Indians renounced their citizenship in 2022, while there is an equally growing desire for a plan B for tax purposes from US and UK citizens.
The Coronavirus Pandemic, followed by wars in Ukraine and now Sudan, has triggered a sense of urgency, and many high-net-worth individuals are finally taking the plunge to acquire second citizenship and passports.
Sudan is currently in its 6th month of a war, which started in April, and according to the United Nations, roughly 3 million people are displaced, and more than half a million are sheltering in neighbouring countries.
Thousands of successful business owners have found themselves trapped in the chaos, with large families yearning for safety and a way out.
“Life in Khartoum was going well, but it became clear that this would be a long war, and the situation worsened. We worked very hard to create this life in Sudan, and it was challenging to sell our properties and assets and decide to leave completely,” says M.L., a Sudanese businessman.
M.L., a holder of a St. Kitts and Nevis second passport, was evacuated with his family to Egypt amidst the tensions. From there, he found a way to swiftly move his family to Cyprus, a residency he has held for three years.
According to an expert at Savory and Partners, the Caribbean Citizenship by Investment programs are among the top three most popular programs selected by expats, “With uncertainty around the Portuguese golden visa and price increases with the Greece and Caribbean programs, the latter remains a favourable and stable option.”
“A powerful second passport is the ultimate insurance in times of a crisis, offering not just global mobility, but personal security, a second home and investment opportunities. People have understood that wealth planning is more than just managing your finances; it involves creating a comprehensive strategy to ensure long-term financial security,” she added.
Like many others who planned ahead, ML found a pathway to escape the horrors of war, and his current residency in Cyprus will open doors to Cypriot citizenship for himself and his family.
Savory & Partners is an accredited agent for multiple governments where citizenship by investment is offered. The company has coverage in over 20 jurisdictions, including Europe and was the first firm to obtain all five authorised agent licenses for the governments of the Caribbean Islands. It has processed second passports for over 4,000 citizens with a 100 per cent success rate.
With a presence in 3 continents and 7 countries and more than 60 experts worldwide, the company’s multinational staff comprises advisors who guide clients in English, Arabic, Farsi, French, Spanish and Hindi.
Reach out to us at PR Desk
Get rewarded for your reading habits on the Dais World app!