Dubai has started giving away citizenships

[avalanche]

https://www.bbc.co.uk/news/world-middle-east-55869674

 

[troubled soul]

Game Changer Move

 

[rowena]

The "Talented" part is just for marketing purposes. The main purpose is to attract UHNWIs/VHNWs to boost the real estate market of the UAE. I'm expecting min $1-2M real estate investment requirement. And yes it is going to be the best no-tax passport option.

 

[ih8socialism]

The "Talented" part is just for marketing purposes. The main purpose is to attract UHNWIs/VHNWs to boost the real estate market of the UAE. I'm expecting min $1-2M real estate investment requirement. And yes it is going to be the best no-tax passport option.

You can expect it more like 5-10m. They won't give away their passports that cheap unless they cut off the benefits for those passports.

 

[Edge]

So many people left when covid hit .. The majority don't consider Dubai a home, maybe they are trying to change that (of course starting with specific cases)..

 

[LoveMyLife]

This citizenship will be by invitation only. You can not just apply after fulfilling few conditions for it.

Just a few people will have a right to propose a person to be invited.

So, just a plain investment will not make any higher chance to be invited. There are too many people who can bring few millions. They are interested in people who can offer som significant benefits for the country. Like olympic games winners who can win a medal for a country in a next olympic games, or scientist who are developing a technology which can change some industry, etc..

If do not read about you in a local newspapers on a very often period, you can forget about possibility to be invited.. UAE has enough money to invest. They need a human resources, which it is not so easy to obtain like some project financing..

By the way, the most countries in a world offer, just not officialy, a citizenship for a people who make a significant constribution to the country. If you are aolympic games winner, almost any country is willing to offer you a citizenship in exchange for representing this country in a next olympic games.. And it is the same in any field of human activity. If you are top 0,01 %, you are welcomed almost everywhere..

 

[troubled soul]

Very true
If you are HNWI , Most Country will give you passport .

 

[Edge]

I think I can bench press around 50kg, can I go ?

 

[rowena]

This citizenship will be by invitation only. You can not just apply after fulfilling few conditions for it.

Just a few people will have a right to propose a person to be invited.

So, just a plain investment will not make any higher chance to be invited. There are too many people who can bring few millions. They are interested in people who can offer som significant benefits for the country. Like olympic games winners who can win a medal for a country in a next olympic games, or scientist who are developing a technology which can change some industry, etc..

This is not correct. They already give citizenship with an invitation(called wasta) since 2000. This is a new program and you can get citizenship by real estate investment. They will announce the exact amount of real estate investment very soon. They will also give a citizenship to special people like celebrities, olympic winners, nobel prize winners etc... This is the "marketing" part of the program.

There is also a similar program for residency which is called "Golden Visa". They issue golden visas(5 or 10 year) depends on only the invested amount to real estate in UAE. You don't need any invitation or wasta.

UAE has enough money to invest. They need a human resources, which it is not so easy to obtain like some project financing..

This is also not correct. The UAE economy is facing huge challenges. They introduced tax(VAT) 3 years ago, huge government projects postponed, UAE banks facing high losses, biggest developers(EMAAR, Damac etc...) of UAE in trouble, thousands of merchants closed, they lost at least 50% of qualified expats because of decrease in salaries and real estate prices went down about 50% in 10 years.

Obviously, they're still rich because of oil but there are huge problems. That's why they're looking for extra cash to heal the economy. Oil is not enough if you don't manage your money properly:

https://www.thehindubusinessline.co...es-is-running-out-of-cash/article32501780.ece

 

[LoveMyLife]

Very true
If you are HNWI , Most Country will give you passport .

HNWI in UAE is not 5 mil. Eur but 500 mil Eur..

 

[rowena]

HNWI in UAE is not 5 mil. Eur but 500 mil Eur..

It is called UHNWI and doesn't change per country. You can go to DIFC and check private bank HNWI requirements.

 

[rowena]

they're still rich because of oil but there are huge problems. That's why they're looking for extra cash to heal the economy.

As expected, Abu Dhabi just announced their new golden visa program and it is cheaper more than 60% compared to the current one.

• 10-year visa for 2M AED fund/bank deposit investment.
• 5-year visa for 2m AED real estate investment.

https://www.tamm.abudhabi/en/Golden-Visa

 

[Edge]

As expected, Abu Dhabi just announced their new golden visa program and it is cheaper more than 60% compared to the current one.

• 10-year visa for 2M AED fund/bank deposit investment.
• 5-year visa for 2m AED real estate investment.

https://www.tamm.abudhabi/en/Golden-Visa

So basically the same level as Spain and Portugal ..

 

[rowena]

So basically the same level as Spain and Portugal ..

You can deposit 2M AED to the bank/fund and you can get a 10-year visa now. You can also withdraw the money after 2 years. It is much straightforward than Spain/Portugal but the downside is this is a residency program, not citizenship. As I mentioned before, I'm expecting a 5-10M AED threshold for citizenship.