London: This past weekend saw the United Arab Emirates make the transformative step to allow citizenship to be granted to select professionals who want to invest in the country. As the first Arab nation to implement this policy change, it will allow the UAE to benefit from a financial boost and attract highly skilled individuals and expatriates to contribute to its economy.
This amendment to their citizenship laws has been hailed as an innovative step by the Citizenship by Investment community and is one that will make it easier for those eligible to become UAE citizens. It also highlights the step forward in more countries recognising the benefit of allowing dual citizenship rather than seeing it as a drawback. The new policy will specifically apply to expat investors, doctors, scientists, engineers and artists as well as their families. It will also apply to those who have lived and worked in the UAE for decades in recognition of their contribution.
“This is a hugely progressive step for the UAE. This new law will bring in a wealth of investment and skills thereby allowing the UAE to diversify their income options. It now acknowledges individuals and families who positively contribute to the overall Emirati community. For investors, the need for global mobility, particularly when it comes to business, has been brought to the fore in the past year due to COVID-19 and all the restrictions it imposes. This makes Citizenship by Investment a win-win situation for the UAE and investors alike making for a stronger economy and an attractive country to invest in,” says Micha Emmett, CEO of CS Global Partners, a legal advisory firm specialising in Citizenship by Investment solutions.
For close to a decade the UAE has seen the steadying decline in the use of fossil fuels and have therefore needed to expand their options and policies to ensure they remain prosperous. Prime Minister Sheikh Mohammed bin Rashid Al Maktoum has described the decision to amend the nation’s citizenship law as one that will contribute to the continued development of the UAE.
Citizenship by Investment has for decades provided countries and individuals with the mutually beneficial opportunity to become a citizen of that country and to contribute to its economy. For individuals, it provides numerous benefits including the opportunity to invest in real estate, provide a more stable and safe life for family, financial freedom and it opens doors to many visa-free travel options. For countries, it allows them to attract skilled individuals who want to invest and contribute to their growth and economy. St Kitts & Nevis established the first Citizenship by Investment programme back in 1984 and has allowed the nation to flourish.
“The UAE are pioneering the way forward for other countries in the Arab nation. The landscape of Citizenship by Investment is changing, with more countries identifying it as a real opportunity to bring in needed income. The UAE is already seen as a central hub for business and will no doubt become an even more attractive option now that more individuals could be granted citizenship. With due diligence in place and select investment options in real estate, it will be interesting to see how this new policy helps to shape their economy. As an industry we are delighted to see more countries amending their citizenship laws, allowing dual citizenship and ultimately helping transform individuals into more global citizens,” says Paul Singh, Director as CS Global Partners.