“ Wealthy elites place a very high premium on democracy and the rule of law ," suggested Prof . Dr . Harpaz . " The past two decades have shown that nondemocratic countries without a strong rule of law may be successful in promoting growth and elevating some of their citizens to substantial wealth . But the moneyed elites living under authoritarian regimes are constantly on the lookout for insurance policies and exit options that would help protect their property and personal safety . Russian emigrants , for the most part , are not escaping a direct physical threat . Instead , Russia ’ s wealthier citizens seem to be leaving to avoid entrapment in a country that is becoming less free , more isolated , and less prosperous .”
Throughout the turmoil of the past two years , one thing has remained constant : the growing strength of the UAE passport , which now sits at 15th place on the ranking , with a visa-free or visa-on-arrival score of 176 . Over the past decade , the country has made unparalleled gains as the biggest climber on the index — in 2012 , it sat at 64th place on the rankings , with a score of just 106 . As the latest Henley Private Wealth Migration Dashboard demonstrates , the UAE has also become the focus of intense interest among affluent investors and is expected to see the highest net influx of HNWIs globally in 2022 , with a forecast net increase of 4,000 — a dramatic increase of 208 % versus 2019 ’ s net inflow of 1,300 and one of its largest on record .
Dr . Robert Mogielnicki , Senior Resident Scholar at the Arab Gulf States Institute and Member of the Advisory Committee of Henley & Partners , says member states of the Gulf Cooperation Council ( GCC ) continue to roll out ambitious initiatives and schemes to attract high-networth individuals and skilled expatriate professionals .
“ These investment migration efforts and new labour market policies reflect part of a broader strategy to position GCC countries as hubs for global capital and talent . The visa requirements for GCC citizens visiting major travel and commercial hubs are likewise being eased . The UK announced that GCC state nationals will be the first to benefit from the UK ’ s new electronic travel authorisation scheme beginning in 2023 , ensuring that these visitors can enjoy visa-free travel across the UK . Both the UAE and Oman have signed sovereign investment partnerships with the UK .”
Experts commenting in the latest Henley Global Mobility Report 2022 Q3 note that other , wider-ranging changes to longstanding EU visa policies lie ahead , with the long-awaited introduction of ETIAS in May next year . International business travel journalist Alix Sharkey points out that ETIAS is not a visa , but “ an online pre-travel screening system that will be mandatory for those whose passports presently guarantee them visafree travel in Europe ’ s Schengen Area . Applicants will be required to provide personal data , medical status , information about travel to certain conflict zones , and to pay a nominal fee .” As with the Electronic System for Travel Authorisation visa waiver to enter or transit the US as a visitor , “ provided the information is correct and there are no red flags from criminal databases or other security alerts , the applicant is automatically approved .”
Recent watershed moments such as the pandemic and the war in Europe have brought residence and citizenship by investment programs centre stage as affluent individuals , globally minded investors , and entrepreneurs seek domicile diversification solutions to preserve their families ’ wealth , legacies , and security during turbulent times .
Dr Juerg Steffen , CEO of Henley & Partners , says “ throughout the chaos of the pandemic , the benefits of a second or even third passport were self-evident for investors seeking security and peace of mind . Governments have also acknowledged the merits that investment migration offers citizens of host countries if foreign direct investment funds are adequately allocated to much-needed social and economic development initiatives . We have seen an increase of 55 % in enquiries compared to the previous quarter , which was itself record-breaking . The top four nationalities currently driving demand are Russians , Indians , Americans , and Brits , and for the first time ever , Ukrainians are in the top 10 globally .”
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