UAE recently announced that for the first time ever in the GCC region, other nationalities can now apply to become citizens of the country.
About 80% population consists of expatriates in this country- liberalizing the residence is a definite move to make the economy cycle healthier.
This reform is indisputably a historical event because the Emirati passport which was previously not possible to obtain can allow to travel to 72 countries in the world with no visa and highly ranked amongst other passports. This might be intimidating news for noble engineers and scientists residing all around the world.
So who is eligible to gain Emirati citizenship?
Eligibility applies to only highly selective individuals who are investors, doctors, scientists, or other high-profile specialists that are actively engaged to their work and expected to contribute to the country. This just sounds about impossible to many applicants.
Apart from these criteria, the candidates must own a property in UAE. However, there is no application process; investors must be nominated by the UAE cabinet, courts, and executive councils.
It makes sense for the country to retain social and cultural integrity. Also, this is not a standard citizenship context where you can show a paper of investments statements and possibly could obtain the citizenship within a few weeks time in other countries.
Nonetheless, this new reform can be a start of many more good things – initiating future possibilities for “normals” to apply for its citizenship.
Do we have any other ways?
The UAE had previously implemented a system to grant long-term residence visas, which is commonly known as a ‘Golden Visa’. This visa enables foreigners to live, work and study in the UAE with 100 per cent ownership of their business on the UAE’s mainland. The visa is granted on either a 5 or 10-year basis and can be continuously renewed.
10 years golden visa
Previously longest term residence visa was known as a ‘Golden visa’ as it caters to only big investors and business entities owners who are successful and stable to run businesses inside the UAE and 5 to 10 years basis according to the size of the investment. This visa allows holders to work and live in UAE with fully ownership of their businesses. And it can be renewed continuously on certain conditions.
In order to be eligible for the 10-year visa, the applicant must have made 10 million dirhams outlay and it has to be preserved for at least 3 years in this country. Successful entrepreneurs and outstanding students can apply for the second noble residency permit which is 5 years visa.
Also Read: How to successfully invest in Dubai real estate
Retirement Visa Alternative
Another way for expats who wish to stay in UAE at the end of their career is the UAE’s Retirement Visa. Expats who are over the age of 55 can get a long-term residence if they put their money in a property worth at least AED 2 million, have financial savings of AED 1 million and above or, have a monthly income of a minimum of AED 20,000 for the past 3 years.
What about the family
The visa status also considers immediate or non-immediate eligibility for their spouses, children, and their families — to acquire either the visa and citizenship.
You can also compare to 2020 approach: Investment approach last year
As can be seen, one can consider more options to reside in UAE now. Apart from quite a few criterions to qualify for long term basis residency- one clear point is its required that candidates must have a property in UAE for further process. If you are thinking of making the UAE your permanent place of residence, then please talk to one of our expert agents, who will be able to help you find the best solutions and perfect property to settle.
/author: O.B/