The UAE administration is now prepared to give citizenship to foreigners who want to live in the country. It is estimated that this game-changing action will benefit everyone in the business sector as a result of the recent implementation of changes to the citizenship legislation. This will help to promote the country as a hotspot for regional and international investment and development. Furthermore, this means that an investor will be able to retain dual citizenship in the future.
The United Arab Emirates has long been seen as a country of opportunity for foreigners. Whether it is professionals or those with skills in other critical areas like as healthcare, education, and technology, the country’s historic step is also a means of expressing gratitude to those who have made significant contributions.
We will go into more depth about the specifics of UAE citizenship for entrepreneurs in the next blog post:
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Citizenship vs residency: what is the difference?
In addition to the UAE Golden Visa programme and Residence by Investment (RBI), certain other government programmes, such as the Residence by Investment (RBI) programme, have become popular among corporate investors as a way of extending their stay in the nation. However, none of the two options guarantees you the advantages of UAE citizenship.
The following are some of the most significant benefits that are only available to individuals who have become naturalised citizens:
Property ownership: While expat residents may lease homes for a term of 99 years, nationals have the option to own freehold property. In both instances, the property is passed down down the generations via hereditary means. As a citizen, on the other hand, you may get full ownership of the property as well as the ground on which it is situated. While this is going on, leasehold properties must be renewed. As a result, the real estate industry in the nation will see a significant increase in activity.
Establish commercial entities: Citizens of the United Arab Emirates are free to engage in a wide range of business enterprises without having to worry about the complicated bureaucratic processes that are in place for international investors and entrepreneurs.
Lifestyle: One of the primary motivations for people to migrate across the globe is the desire to live in a more comfortable environment. Despite the fact that the United Arab Emirates is a young nation, having only been established about 50 years ago, its excellent infrastructure, facilities that make living more convenient, global connectivity, and a rich international ambience created by its expat population make it a highly lucrative place to live. Furthermore, travellers will be pleased to know that residents of the United Arab Emirates are permitted to travel to 133 countries without a visa.
Taxes in the UAE is favourable: The lack of taxation in the UAE is one of the primary reasons why Western expats choose to relocate there. Furthermore, for individuals looking to get away from their cold home country, the United Arab Emirates provides unending summers and unique beaches.
Who is qualified to apply for naturalisation in the United States?
While clarification on the citizenship application procedure for the United Arab Emirates is pending, two of the following conditions must be met:
It is necessary for investors to possess real estate in the United Arab Emirates.
According to the nominations received by the federal bodies, the candidates will be chosen by the courts of Dubai’s Rulers and Crown Prince, as well as by the Executive Council and the Cabinet.
What would be the ramifications of the legislation change on businesses and investors?
In interviews with major national newspapers, many UAE-based company owners expressed their delight at the decision, saying it is a “breath of fresh air” for not just the business community, but also the country’s entire economy.
For example, granting UAE citizenship to expats would have the following beneficial consequences:
Inflows of Foreign Direct Investment (FDI) into the nation have been seen in a number of different industries.
Stability in the market
Increase the trust of international businesses while also ensuring their long-term commitment.
The timing is perfect for investors to establish a company in the United Arab Emirates.
Are you considering going beyond simply Residency by Investment (RBI)? Generis Global’s team of knowledgeable company formation experts can assist you in launching your business in a smooth and seamless manner. UAE citizenship for foreigners will not only enable you to retain dual citizenship, but it will also guarantee that you and your family will be able to live in Dubai for the foreseeable future.