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UAE Extends 10-year Golden Visa System

By GC NewsDesk   Washington: The United Arab Emirates (UAE) authorities on Sunday announced the decision to expand its Golden Visa system that grants 10-year residency for certain categories of professionals, including doctorate degree holders, doctors, computer programmers, and biotechnology engineers.   UAE Vice President and Dubai Emir Sheikh Mohammed bin Rashid al-Maktoum made this announcement, stating that specialists in the field of artificial intelligence, big data, and epidemiology, as well as best-performing students from certain high schools and universities, will also be eligible for “golden” visas.     As per a report by Sputnik, the UAE government allowed for the...

Rich Americans Increasingly Are Looking for Second Passports

By Devon Pendleton and Ben Stupples   Eric Schmidt acquired all the typical trappings of a mega-rich U.S. citizen: a superyacht, a Gulfstream jet, a Manhattan penthouse.   One of his newest assets is far less conventional: a second passport.   Alphabet Inc.’s former chief executive officer applied to become a citizen of Cyprus, according to an announcement last month in a Cypriot newspaper that was first reported by the website Recode. Schmidt, 65, joins a growing club of individuals participating in government programs enabling foreigners to acquire passports.   In previous years, U.S. citizens rarely sought to buy so-called golden passports. The...

'Golden Passports': Malta Takes 67 Days to Respond to EU

By NIKOLAJ NIELSEN   Two dozen letters have been exchanged between the European Commission and Bulgaria, Cyprus, and Malta over their controversial 'Golden Passport' schemes, by which rich foreigners can gain EU citizenship for large sums of money.   The letters - sent over the past 12 months - offer fresh insight into how the European Commission is trying to clamp down on a scheme it says violates EU rules.   It also shows how slow some of the states are to respond to the inquiries - with Malta taking 67 days to respond to the commission's first letter, followed by...

Saint Kitts CIP Becomes Fourth in the Caribbean to Allow for Sibling Dependents

By Christian Nesheim   Saint Kitts & Nevis Citizenship by Investment Unit informs stakeholders that, effective immediately, main applicants will be permitted to include siblings in their citizenship by investment applications, as long as they meet the following criteria:   §  They must be the sibling of the main applicant (i.e., not of the spouse or any other family member included in the application); §  They must be 30 years of age or younger; §  They must be childless §  They must be financially dependent on the main applicant.     The policy, which emphasizes the circular, will not have retroactive...

Permanent Residency in Cyprus

By Evis Hadjipetrou   Your “insurance policy” for the future   The Cyprus PR program offers non-EU nationals guaranteed permanent residency within 2 months with a single, secure, real estate investment of €300,000. It applies to the investor, their spouse dependent children up to age 25, and the parents of the applicant and spouse.    Permanent residency status means that your family has the right to live freely in Cyprus or continue to live in your home country and just use the permit whenever you need it.      Permit holders also have the right to own a business in...

Investing In Your Future

By Julian Bartolo   With the possibility of obtaining a second residence or citizenship by investment, applicants and their families are choosing to migrate permanently to other countries. Business, education, better healthcare and political or social disturbances are only a few of the reasons these individuals opt to relocate to another country. Others need assurances and a default ”plan b” in the event of uncertain times.   Obtaining dual citizenship or a second residency is more than just a document in hand. Although the advantages vary from one programme and jurisdiction to another, the results of investing in citizenship &...

Brussels “Demands” Immediate End to Golden Visa Programs

By Natasha Donn   Brussels today is demanding that the EU Member States “immediately end” golden visa programs that give applicants European residency and/or citizenship.   The reason is that after years in which warnings have been sounded by NGOs and ‘lone voices’ against corruption, MEPs recognize these schemes enable “a rapid entry of criminals” into the bloc.   Says a statement released by the European Parliament: “EU citizenship cannot be marketed as a commodity”.   But that is of course what has been happening – in Portugal’s case since 2012.   Admittedly, Portugal doesn’t confer Golden Visa applicants with citizenship....

Cyprus Abolishes Citizenship Through Investment Program

By Al Jazeera Investigative Unit   Cyprus has announced it will abolish a controversial passport scheme following an investigation by Al Jazeera that revealed how high-ranking politicians were willing to issue passports to convicted criminals.   The interior and finance ministries said in a statement posted in Greek on Twitter that the citizenship through investment program in its current form will be abolished from November 1.   “The proposal was based on the long-standing weaknesses but also on the abusive exploitation of the provisions of the program,” Tuesday’s statement said.   In addition, Cypriot Attorney-General George Savvidis said an investigation into possible criminal...