Expats can get UAE citizenship by investment in 2024, while retaining a valid identity card. Applications are considered by the Cabinet of Ministers of federal self-government bodies. Ownership of investment villas with a sea view in Dubai in one of the seven emirates is a prerequisite to participate in the programme.
The Foreign Direct Investment (FDI) Act allows expatriates to invest in industry, trade, construction, natural resource extraction and advanced technology. Dubai creates incentives to attract the flow of money from all over the world. The state guarantees the confidentiality of data, protection of invested funds, repatriation and promotion of finances in the interests of depositors. Investment immigration to the country is the purchase of highly liquid assets with the prospect of obtaining a residence permit and citizenship in an economically developed, competitive region.
Where is it profitable to invest in the UAE?
The most promising industries for foreign investment in Dubai are:
- The agro-industrial sector. The growing demand for agricultural crops, the automation of agro-food technologies and the developed logistics infrastructure in the UAE increase the efficiency of the food sector.
- The IT sphere. Investment in the country in information and communication technology (ICT) is expected to reach $67 billion by 2024. The most promising areas are software, robotics, artificial intelligence and e-commerce.
- Ageing services. The country supports and encourages the flow of money in services and care for the elderly residents of the UAE. The demand for social housing, health care and service programmes for the elderly is on the rise.
- Tourism. Investing in Dubai hotels is one of the most profitable business areas. The government supports the hospitality industry: it builds many interesting attractions, creates simple conditions to issue tourist visas and improves transport logistics.
- Medicine. The pharmaceutical and healthcare sector shows an average annual investment growth of 9.5%. Modern information technologies in diagnostics and public services contributes to the high demand.
- Transport infrastructure. Globalization is accelerating technological progress in international logistics and autonomous mobility. Dubai predicts a significant increase in investments in the road, air and sea cargo transportation market.
According to Forbes, several Emirati investors have received citizenship for investments, including large airlines, IT entrepreneurs and founders of successful e-commerce startups.
Conditions of the UAE investment programme
The decision to issue a passport based on large investments is made by the government authorities of Dubai and other emirates individually. The United Arab Emirates investment programme, which provides 5- and 10-year visas, may be a reference guide. To obtain long-term residency, an investor must fulfill one of the following conditions:
- be the owner or partner of a company that pays taxes of 69,000 euros annually for at least 2 years before applying;
- confirm a deposit in the Dubai investment fund or a share of 554,000 euros in an Emirati company;
- be fully owned a property/properties with a total value of 554,000 euros.
The requirements for the applicant depend on the type of investment.
The deposit holder must provide:
- a statement from the UAE investment fund on the deposit in the required amount;
- a letter of guarantee from the investor on maintaining the deposit for at least two years after getting a residence permit.
The owner or partner of the company provides:
- constituent documents confirming the absence of a lawsuit against the organization or the investor’s shared ownership;
- a copy of the current trading license or information about the partnership;
- a confirmation of tax payments;
- information about the value of the company certified by the Dubai Department of Economic Development (if the constituent documents do not contain updated information about the company’s capital).
Persons who have invested in the UAE real estate submit:
- a sales contract registered with the Department of Municipalities and Transport (DMT);
- a certificate confirming the estimated value of the property in the amount of 554,000 euros.
You can apply for resident status on the website of the Federal Office for Identification and Citizenship of the UAE. To consider the request, the investor must pay consular fees: 775 euros for accommodation in Dubai for up to 10 years and 297 euros for the document.
How to invest correctly in the UAE: a step-by-step procedure
An important condition to obtain UAE citizenship is to purchase a commercial or residential property. Referring to the data of the UAE government portal, a foreigner who has invested in purchasing a house, apartment, hotel or industrial spaces can apply for a “golden” residency. The step-by-step procedure is as follows:
- Choosing and buying real estate
A housing unit can be purchased with money or through mortgage if the amount of money invested by the investor exceeds the threshold of 554,000 euros. Thus, if the total cost of the properties purchased in installments is 1 million euros, the loan amount should not exceed 446,000 euros.
- Getting a certificate from DMT
You can register your ownership rights with any competent authority. The document should reflect the total value of the housing unit and indicate the absence of encumbrances of investment capital.
- Registering a UAE residence permit for investments
When submitting an application, the investor must provide written consent to preserve the investment property for 2 years after obtaining resident status. If an expat sells his property before this period is over, he must prove the purchase of a new property with a similar value or switch to another visa category.
Residence permit in the UAE for the investor’s family
Citizenship of any country is not an obstacle to legalizing moving to the country at the invitation of a resident sponsor. An investor applying for immigration of dependents (spouses, children, financially dependent persons) must confirm that he owns housing and a monthly income of at least 1,116 euros. Sponsored persons over 18 undergo a compulsory medical examination in the UAE to ensure that they do not have dangerous infectious and psychological diseases posing a potential threat to residents. A family visa is issued for 1-3 years with its extension.
Advantages and pitfalls of investing in the UAE
According to the UN, the country has the world’s 15th highest rate of foreign direct investment. Automation of business processes, low customs and tax tariffs, long-term residence permit and government support for entrepreneurship attract overseas investors. Real estate in the country shows high liquidity. Buying an apartment in Dubai for investments means achieving a ROI of 6-10% per year. Immigrant testimonies indicate that commercial and residential projects in the UAE pay off completely in 8-10 years.
However, anyone wishing to obtain citizenship for large investments should not have high expectations of legislative amendments. It is quite complicated for foreign nationals to receive a UAE passport. The algorithm to obtain a document for investments in Dubai and other emirates is as clear as mud. Additionally, investors from the CIS considering various immigration options should pay attention to European programmes with clear schemes and opportunities for expats. Moreover, to help yourself figure out the difficulties of buying the right property in the UAE and make a good deal, you can contact Emirates.Estate experts. They will not only help you find the property you need at the best price, but also provide comprehensive information about the peculiarities of investing in the domestic market.