Published at: 10/02/2021 01:00 pm
The United Arab Emirates issues one of the most elite passports in the World. And now the UAE allows investors to apply for citizenship!
Only two years ago, foreigners couldn't even dream about becoming a permanent resident in the UAE, and citizenship was their final but unattainable goal. Meanwhile, the travel document of the Emirates became the World's strongest passport since 2018.
Foreign residents make up more than eighty per cent of the UAE's population, and their work and services helped the country become one of the World's wealthiest and most peaceful countries. However, the ex-pats hardly could become citizens, even if they were born and raised in the Emirates. The path to naturalisation was considered once as the hardest among all countries.
During the last couple of years, most of the oil-rich Gulf-countries launched their long-term residency programs for investors, entrepreneurs, and high-skilled workforce (as researchers and talented students). In 2020, the Emirates abolished the need for companies to have a local shareholder. Of course, the inflowing amount of investment increased significantly, so the attractive legislation helped balance the coronavirus's adverse effects and the decline in oil prices.
"The new directives aim to attract talents that contribute to our development journey," said Prime Minister Sheikh Mohammed Bin Rashid Al Maktoum.
The new legislation will allow investors and professionals (among them doctors, artists, researchers, engineers and their families) to obtain the UAE's citizenship.
An essential detail of the new scheme is that the Cabinet, the executive councils and the local courts will nominate the qualifying applicants for the citizenship. According to Bloomberg, the new citizens can keep their original passport as well, which means the UAE now allows dual citizenship!
Discus Holdings Ltd's experts in our representative office in Dubai can help you understand all the benefits of the United Arab Emirates. During the last couple of years, the wealthy country opened it's market to foreigners.
We are in Dubai to help and support your immigration, international taxation, and business objectives. Ask for a free consultation here with our local experts in the UAE!