Which countries' ultra-rich want a second citizenship and why?
The number of the ultra-wealthy individuals seeking a second citizenship is on the rise and is expected to increase at an even faster rate in the next 10 years.
And among those who aspire to become global citizens, a majority comes from just three countries and rich in some particular regions of the world are more likely to apply for a second citizenship than the others.
This is according to a report by Wealth-X and Arton Capital, a company which provides such service. The findings of the report state that demand for global citizenship programmes primarily from the Mideast is on the rise. Nearly 60 per cent of applicants for second citizenship or second residence programmes come from the Middle East.
Among countries, Pakistan, Lebanon and Egypt have the highest number of ultra-rich second citizenship applicants, with nearly 40 per cent of all applicants worldwide coming from these three countries. The US and Russia are the fifth and sixth on the list of countries with the most applicants.
But Asia is the new frontier with ultra-wealthy Chinese and Indian nationals and non-residents likely to spur demand for these programmes in the next five years.
Europe is the most popular region in terms of second citizenship applications by the ultra-rich, accounting for nearly half of the total number of applications.
The report highlights advantages a second citizenship offers to the individual and their family as well as the country they are applying to. These include: stability and security, tax efficiency, ease of travel, a higher standard of living, better quality of life, increased options for their children’s education, and more widespread investment opportunities.
The average net worth of a second citizenship applicant is well above the global average for ultra-rich individuals. Second citizenship applicants have an average net worth of $205 million (Dh753m), compared to the global ultra-rich average of $135m (Dh496m).
The report also revealed that applicants have better liquidity, more than $66m (Dh242m) per person, nearly double the global average of $35m (Dh129m). This means that these individuals can easily meet all the requirements for citizenship or immigrant investor programmes with their liquid investments.
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