DUBAI: Sovereign PRO Partner Group (Sovereign PPG) recently conducted an in-person forum focused on Residency, Citizenship, and Private Client Tax Planning in the Middle East, the UK and select European and African regions. Diving into the numerous opportunities available through government-approved programmes designed to secure foreign investment and attract successful business individuals, it was observed that the UAE is leading the demand for alternative residency.
Core services discussed included corporate establishment, international banking, trust formation, wealth management, succession planning, and international insurance.
During the forum, these programmes were categorised into six primary types:
● Residency by Investment
● Financially Independent Visa
● Business Start-Up and Investment
● Tax Residency
● Citizenship through Naturalisation
● Citizenship by Investment
UAE Leading the Charge in Alternative Residency Programmes: Sovereign PPG highlighted the UAE Golden Visa, a key residency program offering 5- or 10-year renewable permits through real estate, public investments, or business ventures. The company emphasised the visa’s appeal to entrepreneurs, investors, and skilled professionals. The forum also noted that the Golden Visa and skill-based long-term residency programmes are attracting and retaining talent, driving growth in property ownership, real estate prices, and school infrastructure in the UAE.
The forum also noted that the UAE’s inclusion on the FATF whitelist and its ‘AA’ Fitch credit rating bolster its strong financial infrastructure, providing companies and investors with increased confidence to base operations in the country.
Expanding Residency Options in the GCC: Bahrain was discussed during the forum as a key destination for expatriates, thanks to its 0% corporate tax rate and flexible residency options.
Bahrain allows residents to maintain their residency status without requiring frequent visits and offers residency to business investors, retirees, and exceptionally talented individuals.
Furthermore, the event also highlighted that while the UAE leads in offering alternative residency options, other GCC countries are following suit, including Saudi Arabia, Oman, and Qatar. These nations are significantly developing their residency programmes, attracting a large number of expats and investors.
Growing Appeal to the Indian Diaspora: The forum highlighted the appeal of alternative residency programmes to the Indian diaspora, the largest emigrant population globally. With 3.5 million Indians making up 36% of the UAE’s population, demand for residency programmes among high-net-worth individuals (HNWIs) is rising, with 4,300 expected to relocate to the UAE in 2024.
“In a world of political uncertainty, closed economic borders with restrictions on travel and the movement of assets, internationally mobile individuals, their families and businesses have developed a genuine need for liberating, flexible solutions.
Acquiring a second or alternative residency or citizenship provides families a broad spectrum of lifestyle, business, investment and tax benefits, a solid foundation for personal and corporate asset management and has therefore become an increasingly popular choice worldwide.’ said Ceri Pratley, Head of Residency and Citizenship Services at the Sovereign Group.
“The UAE has successfully balanced business opportunities with quality of life, providing a safe environment, excellent education, world-class healthcare, and a dynamic job market. This holistic approach is key to retaining talent and attracting individuals seeking stability and opportunities for their families.”, said James Swallow, Commercial Director at Sovereign PPG.
Curated for Emirati and expatriate professionals, investors, and business owners in the UAE and the Middle East, the event offered insights into global residency and citizenship programmes, tax planning strategies, and the growing demand for alternative residency. Attendees consulted with representatives from countries that included the UAE, Qatar, Saudi Arabia, the UK, Gibraltar, Cyprus, Malta, Portugal, South Africa, Mauritius, and the Caribbean, gaining valuable information to make informed decisions.
