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?
1. Black holes are objects whose gravity is so strong not even light can escape their pull
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.
NATIONAL%20SELECTIONS
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Muslim Council of Elders condemns terrorism on religious sites
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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Specs
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)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
Specs
Engine: Duel electric motors
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
Torque: 623Nm
Transmission: 10-speed automatic
Price: From Dh330,800 (Elevation: Dh236,400; AT4: Dh286,800; Denali: Dh345,800)
On sale: Now
COMPANY%20PROFILE
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UAE currency: the story behind the money in your pockets
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
'Gehraiyaan'
Director:Shakun Batra
Stars:Deepika Padukone, Siddhant Chaturvedi, Ananya Panday, Dhairya Karwa
Rating: 4/5
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The%20specs
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More coverage from the Future Forum
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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Sholto Byrnes on Myanmar politics