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More high-net-worth individuals in Middle East buying second passport

There's also a growing demand for second citizenship from expats in region

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Dubai: As immigration policies around the world get tougher and political instability in some countries persist, a growing number of Arab families and wealthy residents in the Middle East are looking to buy a second passport.

Veronica Cotdemiey, CEO of Citizenship Invest, said that many citizens from Iraq, Syria, Lebanon, Yemen, Palestine, Egypt, Libya and Sudan, among many others, are willing to spend hundreds of thousands - or even millions of dirhams - just to acquire a new citizenship.

“In light of risky political situations and unstable economies, having a second citizenship becomes as valuable as a life insurance policy,” Cotdemiey told Gulf News

“A second passport is a perfect solution for them, as most fast-track citizenship programmes allow visa-free access to major regions and countries in the world, such as Schengen states, United Kingdom, Singapore, Canada and even China.”