Published at: 19/10/2021 12:12 pm
The United Arab Emirates launched a new incentive program to attract capital, investors and skilled workers. The "projects of the 50 programme" liberalize even more the residency rules of the Gulf state.
The program aims to attract 150 billion USD capital until 2030 to diversify the oil-dependent economy.
Moreover, the announced measures contain more new visa categories for entrepreneurs and freelancers; now the highly skilled workers will have more flexibility to bring their family members and gives them more time to find a local job.
Interestingly, the competition between the Gulf countries increases fast between the United Arab Emirates and its neighbours. Saudi Arabia announced that they would not allow the presence of those multinational companies in the country, which do not "relocate their regional HQs to the country", and they also removed the usual tariff concessions on imported goods from the UAE. Meanwhile, the social reforms in the UAE created an even more attractive environment for the applicants for the residency options (expats make up more than 90% of the population!) Unmarried couples can cohabit, and the consumption of alcohol is decriminalised. Moreover, the expats can use their home countries legal systems "for personal matters such as divorce", said the FT. You can find here the first announced 13 projects from the "50 projects programme".
Discus Holdings' representation in Dubai is one of the best-known immigration service provider consultancies in the region. If you would like to live, work or plan your taxes in the United Arab Emirates, set up a consultation with our experts in the local office!
Perhaps the easiest way to become a resident of the Gulf state is to register a business and have a business licence.
Are you interested in becoming a resident and perhaps a citizen of the United Arab Emirates? Please read our detailed program guide here!