 "Pakistan among top 3 nations whose super-wealthy apply for second citizenship")
Nearly 60 percent of applicants for second citizenship or second residence programmes come from the Middle East.
However, Asia is soon expected to become the new frontier, with ultra wealthy Chinese and Indian nationals and non-residents likely to spur demand for such programmes in the next five years, revealed a new joint study by Wealth-X and Arton Capital.
Europe is the most popular region in terms of UHNW second citizenship applications, accounting for nearly half of the total number of applications.
Global citizenship programmes offer individuals and their families residency and citizenship options in a host country, with economic investment in a pre-defined list of assets within the country as a precondition. The advantages that second citizenship offers to families include stability, and security, tax efficiency, ease of travel, a higher standard of living, increased options for their children’s education and more widespread investment opportunities, according to the report.
“The savings gained through participation in these schemes can be immense. For example, an ultra high net worth (UHNW) individual moving from the US to Dubai can save nearly $1 million on capital gains tax alone,” the report said. No wonder, billionaires are five times more likely to apply for second citizenship than an average ultra high net-worth individual.
The study found that Lebanon, Egypt and Pakistan had the highest number of UHNW individuals (individuals with more than $30 million in net assets) applying for second citizenship, accounting for nearly 40 percent of the global total.
The United States and Russia rank fifth and sixth on the list of countries with the most applicants.
““The trend of UHNW individuals applying for a second residence or citizenship looks set to continue in the coming years, particularly in Asia where trillions of dollars of new wealth will be created in the next decade and beyond,” saidMykolas Rambus, Wealth-X CEO.
Other highlights:
There are currently almost 200,000 ultra high net worth (UHNW) individuals globally worth a collective $27,770 billion.
Billionaires account for 1 percent of the world’s UHNW individuals holding 23 percent of the collective UHNW wealth, which represents $6.5 trillion.It is estimated that by 2020, the billionaire population will grow by 80 percent, an increase of 1,700 billionaires.
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