According to Citizenship Invest, second passports remain an attractive option for many foreigners based in the UAE, especially since some states offering alternative citizenship have slashed their fees.

Veronica Cotdemiey, CEO of Citizenship Invest, said that while the Caribbean citizenship programmes are still popular, many applicants in the UAE are also exploring options in other countries, such as Moldova and Cyprus.

“Since its launch in late 2018, Moldova has been receiving a lot of interest from expats residing in the UAE. As for European citizenship, Cyprus is still the most attractive fast-track option for the ultra-rich,” Cotdemiey said.

St. Kitts & Nevis and Antigua & Barbuda have recently reduced their application costs by 50 per cent. Those who want to obtain a St. Kitts passport will now be required to make a financial contribution of $150,000 for a single applicant, and $175,000 for a couple. In Antigua, an investment of $125,000 for a family of up to four members is required.