The concept to acquire alternative residency has gained momentum considering the growing need for seeking safe haven for a tax-free environment, weather and good lifestyle. Moving to countries which require relatively short term to become eligible for residency, is in greater demand all because there are still many countries where uncertain future is subsisting, either because of unfavourable political or economic situations.
Why is Alternative Residency significant?
In the past, alternative residency might have been considered as an option or a convenience that enhanced travel freedom.
Nowadays, Alternative Residency provides a unique opportunity for asset diversification and confidentiality, particularly important for entrepreneurs, business owners and tycoons. Wealth preservation strategy is extremely important for wealthy business owners especially more so in the times of volatile market situations and social, economic and political uncertainty. And the ultimate goal of attaining residency of choice is to feel more secure and comfortable with a future more aligned to the present goals and aspirations followed by its continuity for generations.
Why UAE is the best choice for Alternative Residency?
The UAE is one of the most financially attractive and prevalent location known globally catering residency benefits for some of the high-net-worth individuals. UAE is one of the most preferred jurisdictions in close ties with countries such as UK, Singapore and Monaco.
UAE is a cosmopolitan and one of the most well-connected countries in the world, being business friendly and a forward-thinking country. While other countries suffered severe blow due to the financial crisis adding to their economic slowdown, UAE managed to move forward leading to a surge in GDP. But what’s more interesting is some of the best long-term planning and proactive government backed policies which were further reinforced by an efficient response to Covid -19.
UAE has succeeded in terms of a series of containment measures during the pandemic including stimulus package, digital transformation, production of vaccination thus elevating the nation to some of the top global countries for handling the pandemic in the best possible manner.
Golden Visa - Long-Term visa
UAE is constantly seeking ways to improve the operating environment for those who are considering or doing business besides investing heavily in its own development. Lately, UAE has seen significant introduction of a whole range of new long-term visas – 5 and 10 years which allow expats to live, work or study in country without the need of a local sponsor. This move is in accordance with the Cabinet Resolution No. 56 of 2018 Regarding the Organization of Residence Permits for Investors, Entrepreneurs and Professional Talent which regulates granting golden visas to:
Researchers and Specialized talents in various fields of science and knowledge
Outstanding students with promising scientific capabilities
100% Foreign Ownership
UAE government announced the introduction of 100% foreign ownership which complements the visa changes. The 100% foreign ownership ruling means foreign business owners no longer need to include local UAE sponsor or partner hold 51% ownership of the company. The government announced
these changes for onshore companies across 122 economic activities across 13 sectors, including manufacturing, agriculture, and renewable energy.
Incredible range of company formation options
The nation continuously seeks ways to innovate the company formation options and bringing in new structuring vehicles. Latest example is the introduction of Special Purpose Vehicles (SPV’s) to the Abu Dhabi Global Markets (ADGM) Free Zone and Trusts and Foundations to Dubai International Financial Centre (DIFC). Thus, when combined with the enhanced foreign ownership rules, indeed a company option or structure exists for all investor requirements.
Do you have questions regarding alternative residence? Freemont Oneworld Group can help!
Freemont Oneworld Group merger between Freemont Group, founded in 2001 and operating in Dubai since 2006, and Oneworld Mideast, a subsidiary of the prestigious corporate service provider Oneworld, active in Cyprus for over 30 years. We are an established Company with a vastly experienced team of members who are passionate professionals ready to help your business grow in UAE. The team, apart from standard services offered by any corporate service provider, can advise you on the right structure for your business and connect you with financial institutions to set up your banking operations with ease.