"Wealthy Immigrants Attracted by Fresh Incentives: The Middle East Dominates the Race"

The Middle East is witnessing a surge in the introduction of "Golden Visas," long-term residency programs designed to attract foreign capital and skilled labour. These visas, offered by countries such as Oman, the United Arab Emirates (UAE), and Saudi Arabia, come with a range of benefits, including automatic residence permits for first-degree family members, fast-track airport access, and the right to own property outside designated tourism zones.

Oman's Golden Visa program, introduced as part of its Vision 2040 economic diversification plan, requires a minimum investment of 200,000 Omani Rial (approximately €447,000) in real estate, bonds, businesses, or job-creating enterprises. This aligns with the country's efforts to reduce dependence on oil and promote agriculture, manufacturing, tourism, and logistics.

The UAE's Golden Visa offers a ten-year residency period, with the entry threshold for real estate investments around $545,000 (approximately €468,600). Bahrain also introduced a similar program in 2022, offering a ten-year residency permit to real estate buyers investing a minimum of $530,000 (around €455,000).

Greece's "golden visa" requires a higher minimum investment of $937,000 (approx. €805,000) in real estate in certain sought-after locations. Oman's plan for a golden residence permit falls in the global mid-range in terms of entry price.

The UAE is expected to attract around 9,800 millionaires this year, the highest influx worldwide, due to favourable conditions for residency, tax system, and political stability. Saudi Arabia's Premium Residency can be obtained through a one-time payment of approximately $213,000 (around €183,000) or renewable annual permits costing about $26,700 (around €23,000) per year. Qatar grants long-term residency permits to foreigners investing a minimum of $200,000 (around €172,000) in real estate, rising to permanent residency for around $1,000,000 (around €860,000).

However, falling global oil prices are putting pressure on public finances in the Gulf region, accelerating diversification efforts. BNP Paribas economists predict that the price of Brent crude oil will fall from nearly $80 (approximately €69) per barrel in 2024 to an average of $65 (approximately €56) per barrel in 2025-26. This decline in oil prices makes some oil-dependent economies in the region more vulnerable.

The Henley Private Wealth Migration Report 2025 predicts the success of Golden Visas in the Middle East. However, analysts doubt that even the wealthy would pay such a high fee for the US "Gold Car" visa, given the lower costs and investment options in Gulf region and European Golden Visa programs. US President Donald Trump proposed a "Gold Car" visa worth five million dollars (approx. €4.3 million), which would open the door to Green Card privileges and a path to US citizenship.

In conclusion, the Middle East is witnessing a competitive landscape for foreign investment, with countries offering various Golden Visa programs to attract capital and skilled labour. The region's efforts to diversify its economy and reduce dependence on oil are evident in these programs, which offer a range of benefits to foreign investors. However, the success of these programs may be influenced by global oil prices and the cost-effectiveness compared to other Golden Visa programs around the world.