VIENNA // The UAE served as a positive example of a country with a well-protected system against risks of accidents from nuclear waste at the International Atomic Energy Agency’s scientific forum in Vienna this week.
In July, the country joined the Convention on Supplementary Compensation for Nuclear Damage (CSC), an international treaty developed as an umbrella for international liability conventions, providing the basis for a global nuclear liability regime.
“Liability conventions are important as a newcomer,” said Hamad Alkaabi, UAE ambassador to the IAEA. “It’s a predictable way to address risk for the industry, government and, most importantly, for the people in each country. We were convinced it was an important endeavour.”
The UAE’s nuclear liability regime deals with any nuclear incident that may happen in the country, including risks posed by leakages of radioactive material. Such leaks can reach across borders and it may take decades for the effects of exposure to radiation to manifest.
“It was clear for us that the more globalised these systems, the more practical arrangements are in place for citizens and companies and the industry to be compensated for risk,” Mr Alkaabi said. “Both the Government and the industry saw this as a great opportunity to have a system in place.”
The UAE recently joined and ratified the convention, but it has yet to come into force.
“It is perceived by some as one of the weaknesses of the global nuclear liability regime,” said Yukiyu Amano, director general of the IAEA. “As entry into force of the CSC becomes more likely, I thought it would be timely to host an event to provide information about it and other instruments which provide a basis for a global liability regime.”
He said the purpose was to strengthen that protocol.
“The IAEA Action Plan on Nuclear Safety adopted after the Fukushima accident calls upon member states to establish a global nuclear liability regime that addresses concerns of all states that might be affected by a nuclear accident, with a view to providing appropriate compensation,” Mr Amano said. “The IAEA has been working hard to strengthen the global liability regime for a long time and the important thing is that states should join one or more of the existing nuclear liability instruments.”
A total of 170 nuclear power plants of the existing 440 worldwide - more than 80 per cent - are expected to be covered by the regime in the near future.
“Many countries still don’t belong to any nuclear liability treaty,” said Peter Lyons, assistant secretary for nuclear energy at the US State Department of Energy. “The US believes nuclear energy must play an important role in addressing future energy needs in a safe, secure and environmentally sound manner.”
However, in order for nuclear energy to achieve its full potential, he said many issues needed to be addressed, including the establishment of a global liability regime.
“As demonstrated by the UAE, those countries that already belong to the revised Paris Convention or the revised Vienna Convention, can adhere to the CSC without changing their existing system. All of us agree on the need for a global regime and the importance to take actions now.”
With a growing number of states accessing nuclear energy for the first time, experts say it is a key issue.
“These countries, based on limited experience, will develop substantial nuclear capacities quickly over the coming decades,” said Frederic Journes, the French member of the IAEA’s Board of Governors. “And yet, at the same time, one major challenge for the development of nuclear power lies in the prompt and adequate indemnification of the victims in the case of nuclear damage.”
Mr Alkaabi said the UAE’s efforts to establish a more globalised system led to its decision to join the convention.
“Today, the UAE joined all these liability conventions and we feel very strongly about them,” he said. “It addresses a responsible approach to the development of nuclear energy.”
cmalek@thenational.ae
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Citizenship-by-investment programmes
United Kingdom
The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).
All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.
The Caribbean
Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport.
Portugal
The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.
“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.
Greece
The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.
Spain
The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.
Cyprus
Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.
Malta
The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.
The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.
Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.
Egypt
A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.
Source: Citizenship Invest and Aqua Properties