Wealthy investors from the Middle East are increasingly securing second passports through investment migration-linked programmes. Getty Images
Wealthy investors from the Middle East are increasingly securing second passports through investment migration-linked programmes. Getty Images
Wealthy investors from the Middle East are increasingly securing second passports through investment migration-linked programmes. Getty Images
Wealthy investors from the Middle East are increasingly securing second passports through investment migration-linked programmes. Getty Images

Super-rich from India, US and UK lead surge in investment migration inquiries


Deepthi Nair
  • English
  • Arabic

Ultra-high net worth individuals from India, the US and UK accounted for the bulk of investment migration inquiries in 2021, a report by residence and citizenship planning company Henley & Partners has said.

Indian citizens accounted for the highest number of investment migration inquiries last year by a significant margin, the report said, and queries within this group surged 54 per cent annually.

US citizens were next, with a 26 per cent increase in such inquiries during the same period, the report found. Inquiries by Britons and South Africans shot up 110 per cent and 38 per cent, respectively, in 2021, Henley & Partners said.

Investment migration refers to wealthy investors acquiring alternative residence or additional citizenship in exchange for a substantial contribution to the host country.

The Middle East and Africa have seen strong surges in investment migration solutions since the outbreak of the pandemic
Philippe Amarante,
managing partner at Henley & Partners

“The Middle East and Africa have seen strong surges in investment migration solutions since the outbreak of the pandemic,” said Philippe Amarante, managing partner at Henley & Partners and head of the company’s Dubai office.

“This applies both to inbound investment migration programmes such as the UAE’s Golden Visa options and outbound in the form of investors securing second or third homes via investment migration-linked real estate acquisitions. Particular countries of interest in this regard are Greece, Portugal and Spain.”

The global residence and citizenship-by-investment industry was valued at $21.4 billion annually, statistics compiled in 2019 by Investment Migration Insider showed. By 2025, the market could generate $100bn in revenue, the magazine predicts.

The cost of acquiring a second citizenship or permanent residence ranges from $100,000 to $2.5 million, the International Monetary Fund found.

Such programmes date back to the 1980s, when tax havens in the Pacific and Caribbean began to attract wealthy foreigners. Canada and the US were among other early adopters. Programmes have also been launched by Austria, Bulgaria, Cyprus, Egypt, Malta, Portugal, South Korea, Thailand, the UAE, UK, Vanuatu and most recently Bahrain, among others.

The UAE introduced Golden Visas, which are valid for up to 10 years, to encourage exceptional workers and foreign investors to seek deeper roots in the country.

While Covid-19 and climate change drove wealth and investment migration in the past two years, conflict in Europe has now emerged as a new factor, the Henley & Partners report said.

“In addition to the traditional benefits of enhanced global mobility, residence and citizenship-by-investment programmes offer a proven risk mitigation and growth diversification strategy in terms of wealth and legacy planning with the added lifestyle advantage of domicile optionality,” said Dominic Volek, group head of private clients at Henley & Partners.

The Brexit effect is driving interest for investment migration among UK nationals, the company said.

“The vast majority [of inquiries] relate to what options Brits now have in terms of alternative residence or additional citizenship in the wake of the UK’s exit from the EU,” said Stuart Wakeling, head of the company’s London office.

The biggest growth in investment migration inquiries in Europe, however, came from Turkey, the report found.

Meanwhile, the US, China and Japan ranked among the top three countries in terms of privately held wealth, according to Henley & Partners and global wealth intelligence company New World Wealth.

The US accounts for 32 per cent of total global wealth and 36 per cent of the world’s millionaires. The total private wealth held in the country currently amounts to $68.8 trillion, the report said.

The US also experienced the highest high-net-worth (HNW) population growth last year, at 10 per cent.

China has only a third of America’s private wealth at $23.3tn, and its HNW population grew by only 4 per cent. Japan has a total private wealth of $20.1tn.

India, Germany, the UK, Australia, Canada, France and Italy round out the list of countries with the most private wealth, the report added.

WHAT IS A BLACK HOLE?

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2. They can be created when massive stars collapse under their own weight

3. Large black holes can also be formed when smaller ones collide and merge

4. The biggest black holes lurk at the centre of many galaxies, including our own

5. Astronomers believe that when the universe was very young, black holes affected how galaxies formed

Roll of honour 2019-2020

Dubai Rugby Sevens

Winners: Dubai Hurricanes

Runners up: Bahrain

 

West Asia Premiership

Winners: Bahrain

Runners up: UAE Premiership

 

UAE Premiership

Winners: Dubai Exiles

Runners up: Dubai Hurricanes

 

UAE Division One

Winners: Abu Dhabi Saracens

Runners up: Dubai Hurricanes II

 

UAE Division Two

Winners: Barrelhouse

Runners up: RAK Rugby

Pharaoh's curse

British aristocrat Lord Carnarvon, who funded the expedition to find the Tutankhamun tomb, died in a Cairo hotel four months after the crypt was opened.
He had been in poor health for many years after a car crash, and a mosquito bite made worse by a shaving cut led to blood poisoning and pneumonia.
Reports at the time said Lord Carnarvon suffered from “pain as the inflammation affected the nasal passages and eyes”.
Decades later, scientists contended he had died of aspergillosis after inhaling spores of the fungus aspergillus in the tomb, which can lie dormant for months. The fact several others who entered were also found dead withiin a short time led to the myth of the curse.

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The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

Squads

Australia: Finch (c), Agar, Behrendorff, Carey, Coulter-Nile, Lynn, McDermott, Maxwell, Short, Stanlake, Stoinis, Tye, Zampa

India: Kohli (c), Khaleel, Bumrah, Chahal, Dhawan, Shreyas, Karthik, Kuldeep, Bhuvneshwar, Pandey, Krunal, Pant, Rahul, Sundar, Umesh

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Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
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Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
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Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request

Scoreline

Syria 1-1 Australia

Syria Al Somah 85'

Australia Kruse 40'

THE BIO

Family: I have three siblings, one older brother (age 25) and two younger sisters, 20 and 13 

Favourite book: Asking for my favourite book has to be one of the hardest questions. However a current favourite would be Sidewalk by Mitchell Duneier

Favourite place to travel to: Any walkable city. I also love nature and wildlife 

What do you love eating or cooking: I’m constantly in the kitchen. Ever since I changed the way I eat I enjoy choosing and creating what goes into my body. However, nothing can top home cooked food from my parents. 

Favorite place to go in the UAE: A quiet beach.

The story of Edge

Sheikh Mohamed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the Armed Forces, established Edge in 2019.

It brought together 25 state-owned and independent companies specialising in weapons systems, cyber protection and electronic warfare.

Edge has an annual revenue of $5 billion and employs more than 12,000 people.

Some of the companies include Nimr, a maker of armoured vehicles, Caracal, which manufactures guns and ammunitions company, Lahab

 

The specs

AT4 Ultimate, as tested

Engine: 6.2-litre V8

Power: 420hp

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Transmission: 10-speed automatic

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Company%20Profile
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Ruwais timeline

1971 Abu Dhabi National Oil Company established

1980 Ruwais Housing Complex built, located 10 kilometres away from industrial plants

1982 120,000 bpd capacity Ruwais refinery complex officially inaugurated by the founder of the UAE Sheikh Zayed

1984 Second phase of Ruwais Housing Complex built. Today the 7,000-unit complex houses some 24,000 people.  

1985 The refinery is expanded with the commissioning of a 27,000 b/d hydro cracker complex

2009 Plans announced to build $1.2 billion fertilizer plant in Ruwais, producing urea

2010 Adnoc awards $10bn contracts for expansion of Ruwais refinery, to double capacity from 415,000 bpd

2014 Ruwais 261-outlet shopping mall opens

2014 Production starts at newly expanded Ruwais refinery, providing jet fuel and diesel and allowing the UAE to be self-sufficient for petrol supplies

2014 Etihad Rail begins transportation of sulphur from Shah and Habshan to Ruwais for export

2017 Aldar Academies to operate Adnoc’s schools including in Ruwais from September. Eight schools operate in total within the housing complex.

2018 Adnoc announces plans to invest $3.1 billion on upgrading its Ruwais refinery 

2018 NMC Healthcare selected to manage operations of Ruwais Hospital

2018 Adnoc announces new downstream strategy at event in Abu Dhabi on May 13

Source: The National

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Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa

Rating: 4/5

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The low down on MPS

What is myofascial pain syndrome?

Myofascial pain syndrome refers to pain and inflammation in the body’s soft tissue. MPS is a chronic condition that affects the fascia (­connective tissue that covers the muscles, which develops knots, also known as trigger points).

What are trigger points?

Trigger points are irritable knots in the soft ­tissue that covers muscle tissue. Through injury or overuse, muscle fibres contract as a reactive and protective measure, creating tension in the form of hard and, palpable nodules. Overuse and ­sustained posture are the main culprits in developing ­trigger points.

What is myofascial or trigger-point release?

Releasing these nodules requires a hands-on technique that involves applying gentle ­sustained pressure to release muscular shortness and tightness. This eliminates restrictions in ­connective tissue in orderto restore motion and alleviate pain. ­Therapy balls have proven effective at causing enough commotion in the tissue, prompting the release of these hard knots.

UAE currency: the story behind the money in your pockets
Lexus LX700h specs

Engine: 3.4-litre twin-turbo V6 plus supplementary electric motor

Power: 464hp at 5,200rpm

Torque: 790Nm from 2,000-3,600rpm

Transmission: 10-speed auto

Fuel consumption: 11.7L/100km

On sale: Now

Price: From Dh590,000

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The burning issue

The internal combustion engine is facing a watershed moment – major manufacturer Volvo is to stop producing petroleum-powered vehicles by 2021 and countries in Europe, including the UK, have vowed to ban their sale before 2040. The National takes a look at the story of one of the most successful technologies of the last 100 years and how it has impacted life in the UAE. 

Read part four: an affection for classic cars lives on

Read part three: the age of the electric vehicle begins

Read part two: how climate change drove the race for an alternative 

Updated: March 23, 2022, 9:46 AM`