In the luxury real estate market, sellers might try to close the deal by throwing in an extra perk or two. Sometimes that means the designer furniture is included, or perhaps even a car. But, one Dubai development is luring prospective buyers by offering a rather unique amenity: a European passport.
Million dollar homes are for sale in a new development called Heart of Europe, which is a series of artificial islands off Dubai’s coast in the shape of Europe. And The Kleindienst Group, who are building these properties, decided to throw in a Moldovan passport as part of the sale.
While Moldova is not part of the European Union, it does grant access to the Schengen area aka 26 European states that have officially abolished all passport and border control. The owner of the Dubai property would also be able to travel to another 49 countries around the world without a problem.
Ok, but you’re a busy multi-millionaire and don’t want to go to Moldova to get your passport, right? Well, the owners wouldn’t have to. The country now has a Citizenship by Investment (C.B.I.) option. That means if you pay $113,120 and another $39,591 in fees, and pass a background check of sorts, you can skip the trip and become a citizen.
Obviously, this method of citizenship is controversial, and there are talks Europe might crack down on investment citizenships. But, in the meantime, interested buyers can snatch up a home in the new development starting at $1.2 million. Here, buyers have their choice of fictional countries like a Scandinavian designed home in “Sweden” or Bauhaus-inspired villas in “Germany.”
And it seems to be popular already. Though there are reports the Dubai real estate market is struggling, CNN revealed the developer already sold 85% of its units as of January.
