By Moustafa Daly
Ras Al Khaimah, one of the seven emirates of the United Arab Emirates (UAE), just launched an affordable investor visa program to attract foreign investors and entrepreneurs.
This residency by investment (RBI) visa is open to investors and entrepreneurs in the Ras Al Khaimah Economic Zone (RAKEZ) one hour from Dubai. It requires setting up a company with an investment threshold of only AED16,500 (approx. $4,923).
Conditions that foreign investors must meet include pre-approval for a business license, a clean criminal record, and undergoing medical tests to comply with national health guidelines.
Foreigners are then granted a UAE permanent visa; the maximum validity has yet to be announced.
Among the benefits of a UAE residency are the ability to include family and dependents, open local bank accounts, get high-quality health insurance coverage, and have visa-free entry to some countries. Visa holders are also able to freely engage in business and commercial activities.
With a population of under 500,000, Ras Al Khaimah aims to compete with neighboring emirates for talent and investments to grow its local economy. Earlier this year, it announced the launching of the Gulf Cooperation Council (GCC)’s first casino to become a tourism and entertainment hub. It also allows foreign ownership and has zero income on corporate taxes.
Other RBI options in the UAE
The UAE is a popular golden visa market due to its streamlined process and fast-expanding economy. Its federal golden visa program was launched in 2019, witnessing huge demand since the beginning; 150,000 applicants have received it so far.
This golden visa is issued to investors who buy property worth at least AED 2 million (approx. $545,000) and those with accomplishments in sciences, sports, and arts.
Like the new Ras Al Khaimah investor visa, Dubai also offers permanent residence for investors in its free economic zone, requiring setting up a company for between $7,000 and $9,000 for a two to three-year visa.
There’s also the Dubai Investor Visa, granted to investors who make investment/property purchases worth AED 750,000 (approx. $204,000) or more.
The UAE capital of Abu Dhabi also has its residency investment program, the Green Visa, which grants 5-year residencies to investors, skilled migrants, and entrepreneurs with varying investment thresholds.
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