With the geopolitical climate constantly shifting in the Middle East, Residency by Investment (or second residency) markets have gained a strong footing among high net worth individuals seeking locations that offer a better quality of life. Whether it’s a destination with sunny weather or a country with top-quality healthcare, foreign nationals are choosing safe locations for themselves, their family, and wealth.
There are many factors to consider when choosing invest in a second residency abroad, and it may not always depend on trending property markets at the time. Choosing where to purchase property has to be practical, and features such as ease of access, social benefits, and even similarities in culture play an important role in the decision-making process.
More importantly, the first question to ask is why you want to invest in a second residency: is it for greater travel freedom, better educational opportunities, or for personal safety? Whatever the reason may be, it will help answer where you want to live, and why many foreign nationals often use their primary residence as a measuring stick to where they wish to relocate. After all, everyone wants to feel comfortable as possible in a new environment.
For Middle Eastern residents, choosing the right second residency can prove to be a tricky process, but certainly not impossible. From Canada to Europe, Residency by Investment Programs have found an eager audience with Middle Eastern citizens seeking immigration solutions for themselves and their families—but how do you choose the right secondary residency market?
Your Primary Residence or Country of Origin
As previously mentioned, choosing a second residency market often depends on where a person currently lives. At QICMS, many of our clients are from the MENA region, including Jordan, the United Arab Emirates, Egypt, and Saudi Arabia. If you live in Jordan, for example, chances are you will want to find a location with a built-in community that shares the same (or similar) language and values. For Middle Eastern nationals, Canada has become the go-to second residency choice. As an exemplary country with a multi-cultural population, quality healthcare and education, newcomers are made to feel welcome not only as immigrants but for the skills and innovation they bring to Canada’s workforce and economy.
Similarly, European “Golden Visa” countries are rising in prominence for Middle Eastern nationals due to their diverse cities, strong economies, and added benefits as members of the European Union (EU). In countries such as Malta, factors like the Maltese language (a descendant of Arabic-speaking peoples), cuisine, religion, and friendly culture might appeal more to residents from the Middle East than Spain or Bulgaria.
Weighing out Cost and Benefits
Another one of the most important factors driving the decision-making process is cost, which must be weighed against benefits offered. With European Golden Visa Programs, investors can purchase property for as little as EUR 250,000 in Greece, whereas Portugal requires a minimum investment of EUR 350,000 or EUR 500,000 depending on location. In Cyprus, investors can acquire a second residency for a minimum of EUR 330,000.
So how do you choose? For starters, benefits offered by Residency by Investment Programs should be weighed against overall cost. While each Golden Visa Program affords access to the EU, healthcare and social services, not all programs grant the same benefits. This might include dependents that can be included in an application, eligibility to work, or the ability to apply for citizenship after a certain period of residency.
Anyone exploring Residency by Investment (second residency) opportunities must evaluate each country based upon their personal circumstances. Determining why you wish to relocate will ease the process of deciding where you should invest in a second residency, whether in Canada or Europe and beyond.
As a company located in the MENA region, our team of immigration professionals are experienced in assisting Middle Eastern nationals with their immigration needs. If you are looking for a second residency or second citizenship, we are here to answer any questions you may have or help you take the first step towards a better future. Contact our office today to begin your journey.
For more information on Canadian Residency by Investment Programs, please click here.
For more information on Malta’s Residence and Visa Program (MRVP), please click here.
To compare European Golden Visa Residency Programs, please click here.
To view our Citizenship and Residency Programs by Investment in Real Estate comparison table, please click here.
Fill out our Free Assessment to see if you qualify for any of the immigration programs offered.