As some of the other European countries may be ceasing their immigration programs, it looks like Dubai and Singapore will gain from the current situation
In the past few years, as more work-based H-1B visa holders in the US continue to live with the possibility of not obtaining citizenship or permanent residency within an acceptable time frame; there have been greater enquiries on alternate routes to obtain a citizenship. While the demand for EB-5 visa has been going consistently up each year among high net worth Indians since 2016, if immigration reports are to be believed then the US may be fast losing its spot to other more ‘favourable’ destinations, reported americanbazaaronline.com.
As some of the other European countries may be ceasing their immigration programs, it looks like Dubai and Singapore will gain from the current situation.
Pre-pandemic, Portugal was fast emerging as a favourable destination for immigration but immigration consultants say that it may have reached its full potential.
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Singapore, Switzerland, and the UAE have all become immigration magnets because of being safe havens not only for living but also for preserving wealth
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They have also established themselves as highly attractive business hubs where companies can thrive in fiscally advantageous jurisdictions with favourable corporate tax rates as well as zero wealth and inheritance taxes
The announcement regarding the termination of the Portugal Golden Residence Permit Program, which attracted significant investment in Portuguese real estate and other ventures, also now makes it a less viable option” said, Sunita Singh-Dalal, Partner, Private Wealth & Family Offices at Hourani & Partners, one of the leading commercial law firms in UAE.
With wealth migration levels swinging back to pre-pandemic times, immigration reports suggest that the highest proportion of wealthy families relocating this year are considering Australia, the UAE, Singapore, the USA, and Switzerland as their top preferences while the largest net outflows of millionaires are expected to come from China, India, the UK, Russia, and Brazil.
Singapore, Switzerland, and the UAE have all become immigration magnets because of being safe havens not only for living but also for preserving wealth.
They have also established themselves as highly attractive business hubs where companies can thrive in fiscally advantageous jurisdictions with favourable corporate tax rates as well as zero wealth and inheritance taxes.
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