Resicom – Holiday Investment – 04-21 – LB

Dubai £1 Million Properties to Offer Access to Europe

A property developer in Dubai is offering access to Europe through the back door for overseas property investors spending £1 million on one of their properties.

The Kleindienst Group is selling properties as part of a ‘Heart of Europe’ development, just off the coast of Dubai.

As well as luxury property in a sunny location, the company is also throwing in access to Europe with visa-free travel in the Schengen zone and has already had hundreds of inquiries from potential buyers

Kleindienst has set up the Citizen-by-Investment scheme in partnership with Moldova, in an attempt to boost sales.

Despite not being an EU member, Moldova’s citizens still enjoy visa free access to Europe’s 121 countries, including those in the passport-free Schengen area.

The state has a population of 3.5 million and applicants to the new scheme are not required to have previously visited the country.

To qualify for the access to Europe, overseas property investors will have to pay out a minimum of £1 million (5 million dirhams), as well as fees of over £31,000 in order to obtain citizenship of Eastern European country, Moldova.

Under the scheme, Moldova will guarantee anonymity to those granted passports, with the citizens being able to onboard family members to the scheme for extra fees.

Moldova has said it is pursuing EU membership and that stateless people can also apply for the scheme.

Two agencies, based in Dubai, which have been accredited by the Moldovan government are working with Kleindienst, in order to process the applications which could take up to four months to be approved.

Kleindienst has built 4,000 holiday homes that are due for completion next year.

Despite the immigration and security issues which may arise due to the scheme one of the schemes agents, Paddy Blewer, highlighted that applicants would face strict due diligence checks before the passports offering access to Europe were handed out.

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