MANAMA: Interest in citizenship by investment has been rising in the wake of the global pandemic, it has emerged.
According to Moe Alhaj, chief executive of Migrate World, one of the Middle East’s leading citizenship by investment firms, business has been booming.
“We’ve seen a significant increase in applications during the pandemic,” says Mr Alhaj.
“A lot of people are trying to get ahead of potential visa restrictions by investing in a more permanent solution for international travel whether for business or pleasure.”
Citizenship and residency by investment programmes in St Kitts and Nevis, Greece; and Cyprus have all been popular options, as they offer those with the financial means the ability to travel more freely.
In addition to being affordable, these countries have also had low numbers of Covid-19 cases.
St Kitts and Nevis reported just 15 cases in a population of less than 100,000, while Cyprus had 958 cases in a population of over 1.1 million people, and Greece reported just 2,937 cases in a population of over 10m.
As shown by countries like Jamaica which have instituted ‘travel bubbles’ – that is lighter or no restrictions on travellers from certain countries where cases of the Chinese virus have been relatively low – the type of passport you hold is becoming even more valuable.
“Holding a residency or citizenship from a European country can mean easier access and travel throughout the EU,” says Mr Alhaj.
“But citizens of countries with a well-contained response to the pandemic like St Kitts and Nevis and St Lucia, for example, are already enjoying more freedom of movement when it comes to international travel.”
In St Kitts and Nevis, citizenship schemes start from just $150,000 for a single applicant contributing to a government fund or $200,000 for a real estate investment option.
Greece offers a residency programme starting from 250,000 euros whereas Cyprus’s citizenship programme is from 2m euros onwards.
“Many of the most longstanding citizenship by investment programmes were established as a way to stimulate local economies in times of hardship,” said Mr Alhaj. “Because the global economic impact of the virus has been so substantial, it’s possible that more countries will launch their own schemes in the coming months and years.”
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