The government is now ready to grant the UAE citizenship for foreigners. According to the recent roll out of amendments to the citizenship law, this game-changing move will benefit the entire business community. This will market the country into a hotspot for regional and international investments. Moreover, this also spells that an investor can now maintain dual citizenship.
The Emirates has long been a land of opportunities for expats. Whether it is professionals or talented in other vital sectors such as healthcare, education, and technology, the country’s historic move is also a way of thanking such contributors.
We adopted law amendments that allow granting the UAE citizenship to investors, specialized talents & professionals including scientists, doctors, engineers, artists, authors and their families. The new directives aim to attract talents that contribute to our development journey.— HH Sheikh Mohammed (@HHShkMohd) January 30, 2021
The following blog will explore in detail the nitty-gritty of UAE citizenship for entrepreneurs:
Residency versus citizenship
Some of the other governmental initiatives such as the UAE Golden Visa and Residence by Investment (RBI) have been popular among business investors as a means of prolonging their stay in the country. However, neither of the two guarantee you the UAE citizenship benefits.
Below are some of the key advantages which are exclusive to those who have been naturalized:
- Buy freehold property: While an expat resident can lease properties for a period of 99-years, citizens can buy freehold properties. In both cases, the property is handed down on a hereditary basis. However, as a citizen, you can have complete ownership of the property as well as the land it exists on. Meanwhile, leasehold properties have to be renewed. Therefore, this will give a major boost to the country’s real estate sector.
- Establish commercial entities: Citizens of the UAE are free to tap into various types of business ventures without having to worry much about the complex bureaucratic procedures which have been set forth for foreigners.
- Lifestyle: One of the main reasons for migration across the world is the desire to lead a better quality of life. Though the UAE is a young nation, formed about 50 years ago, its excellent infrastructure, facilities that aid a convenient living, global connectivity, and a rich international ambience created by its expat population is highly lucrative. Furthermore, travel bugs would love to note that a UAE passport permits citizens to travel to 133 countries without a visa.
- Benign taxation: One of the main reasons why the Western expats want to settle in the UAE, is the absence of tax. Moreover, the UAE offers endless summers and exotic beaches for those seeking to escape their chilly homeland.
Who is eligible to seek naturalisation?
While clarity regarding the application process for UAE citizenship is awaited, two of the following terms have to be met:
- Investors need to own property in the UAE
- The candidates will be selected by the courts of the Rulers and the Crown Prince of Dubai, the Executive Council, and the Cabinet based on the federal entities’ nominations.
How will the law amendment affect entrepreneurs / investors?
Several UAE-based businessowners shared with popular national dailies that the move is like a “breath of fresh air”, not only for the business community, but also, the country’s overall economy.
Some of the positive outcomes of providing UAE citizenship to expats would include:
- Influx of Foreign Direct Investment (FDI) across several sectors in the country
- Market stability
- Boost confidence of foreign entrepreneurs, and at the same time, secure their loyalty
Now is the right time for investors to set up a business in the UAE
Planning to move beyond just Residency by Investment (RBI)? Experienced company formation specialists at Shuraa Business Setup can help you with begin a seamless entrepreneurial journey. UAE citizenship for foreigners will not only allow you to maintain dual citizenship, but also ensure sustained residency for you and your family in Dubai.