North Africa Demand for Dual-Citizenship is High says Savory & Partners
DUBAI, UAE, April 2, 2021 /PRNewswire/ -- Ten short years ago, there were only a handful of immigration programs available to MENA nationals. Over the last decade, the industry has managed to grow substantially –today, there are more than 80 investor visa options around the globe. Investors from countries like Algeria
"Demand from North African nations has been steady for some time, but there has been a high increase over the last year, specifically in Algeria, Morocco, Libya, and Tunisia." says Diaa Nasri, Savory & Partner's Business Development Manager – North Africa. "It has been an honour to know that I am helping people reach their goals of a safe and secure future through a second citizenship."
The most popular of these programs are the citizenship by investment (CBI) programs, whereby foreign nationals can legally obtain a second citizenship and passport in another country through an investment in the nation.
Considering North Africa's affluent upper and middle class and civil unrest becoming more prevalent due to socio-economic challenges, it comes as no surprise that the region's high-net-worth individuals are keen to obtain second citizenship in a stable and safe country.
However, the real question that needs to be answered is: why are high-net-worth individuals and businesspeople in North Africa suddenly so interested in obtaining second passports through these citizenship by investment programs?
The biggest determinants swaying citizens all over the Middle East and North Africa to apply for second citizenship are mainly:
Safety & Security
North Africa's socio-economic and political turmoil, specifically due to the unprecedented damaging effects on the entire North African region caused by the COVID-19 pandemic has caused a rush for golden visas and second passports among the region's wealthy.
Holding a second passport or residency in another country provides a Plan B for North African investors and their families to escape the challenges of their own nations. It is invaluable to have the chance to move to an alternate place to live or reside during situations of war, political unrest, civil violence, economic downturns, and natural disasters. In this increasingly unpredictable world, a second citizenship can bring comfort and peace of mind.