Talented expats will be able to become UAE citizens even without buying apartments in the UAE for expats. For the first time in the history, the United Arab Emirates is ready to grant foreigners the right to obtain citizenship. Previously, this was considered impossible and was allowed in exceptional cases. According to the state news agency, inventors, scientists, doctors, artists, as well as investors who own real estate in the country could be nominated for citizenship.
Its cost, according to sources familiar with the matter, will be several hundred thousand euros. According to the UAE authorities, the amendments to the law have already been adopted, and they hope to attract talented people who will contribute to the development of the state through such changes. Will foreign entrepreneurs be interested in this opportunity? And will the UAE become new alternate airfield home for billionaires? Emirates.Estate will try to find out.
Newly adopted amendments to Emirati citizenship law
In order to become a citizen of the UAE before, a foreigner had to do something extraordinary, for example, to save the life of a sheikh or a member of his family. But the authorities of the country, where more than 80% of population are labor migrants, are changing the rules to obtain citizenship. The country is attractive for life, work, business and leisure at the same time.
The UAE welcomes talented people who add value to the country and is willing to provide them with stability and great prospects in the future. Doing business in the UAE as a resident is very attractive. The country does not levy most of the taxes we are accustomed to, and banking information is not disclosed to other states.
There is no income tax, corporate tax, personal income tax and, in principle, no payroll tax. VAT was introduced in 2018, its rate is 5%, but not all companies are required to pay it. When you open a corporate bank account with local banks, they perceive your company as a resident, that is, they do not automatically exchange this information with tax authorities of other countries.
Who is eligible for the UAE citizenship?
To become a citizen of the Emirates, a doctor, inventor or scientist needs to be an outstanding representative of their profession, to have world recognition and unique competencies in the areas that the UAE is in dire need of. Artists and people with other creative occupations should be pioneers in their fields.
Conditions seem to be simpler for investors – it is necessary to own real estate in the country or obtain patents approved by the Emirati Department of Economic Development.
The United Arab Emirates has never been considered an offshore jurisdiction. Recently, however, it has been gaining popularity with entrepreneurs around the world. Considering that Cyprus and Malta are curtailing or complicating their golden passport programs, changes in the UAE legislation will attract even more attention to the citizenship of this country.
In addition, the program conditions does not imply that new UAE citizens will have to renounce their existing nationality; it is allowed to hold dual citizenship in the UAE. However, everything may not be so cloudless it will be not an easy thing to obtain it. According to reports, candidates’ applications for citizenship of the Emirates will be considered by the government on an individual basis.
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