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In April 2022, the UAE’s Federal Authority for Identity, Citizenship, Customs, and Ports Security (ICA) announced a new set of regulations enabling certain real estate owners to acquire a 10-year Golden Visa in the UAE. These regulations are expected to come into force in September 2022.
· Purchase a property worth no less than AED two million as stated on the title deed;
· Purchase a property with a loan from specific local banks or
· Buy one or more off-plan properties of no less than AED two million from approved local real estate companies.
The legislation will therefore open the door for many new and existing property owners to apply for a UAE Golden Visa.
· Renewable 10-year visa on expiry (subject to still meeting the requirements).
· No sponsor or employer required.
· Extended duration of any length outside the UAE does not nullify golden visa.
· Ability to sponsor spouses and dependents (of any age as long as they are not married).
· The family will be able to use the golden visa of the main applicant in the event of their death until its expiry.
· Ability to convert existing home country driving license to the UAE driving license without the need for a full test.
· Eligible for the Esaad Card which provides extensive benefits and discounts across several sectors including healthcare, education, hospitality, entertainment, real estate, and restaurants amongst others. Exclusive offers and discounts are available for the cardholders at 7,237 brands and businesses within the UAE and across 92 countries worldwide.
At Sanctuary, we have a proven track record of successfully processing eligible applications for the UAE Golden Visa. Our aim is to reduce any stress for the applicant and ensure a smooth approval process where there may otherwise be delays, such as arranging appointments for medicals and biometrics which have lengthy delays, liaising with the correct departments to process the application as efficiently as possible and various other unforeseen complications.
If you have any queries, or would like to apply for your Golden Visa, please get in touch using the contact details below.
For UK businesses considering opportunities in Saudi Arabia, the following steps outline the overall process:
1. Business Activity: Determine the appropriate business activity which will aligns with your business and satisfies all undertakings you will engage with in the Kingdom.
2. Local Partnerships: Consider any potential opportunities for collaborations with established local businesses to ease market entry and meet regulatory requirements.
3. Documentation: Gather the required documentation for incorporation in KSA.
4. Company Registration: Work with experts and the relevant governing bodies to assist with the incorporation process, ensuring compliance with local laws and regulations.
5. Other Requirements: Consider any other requirements for establishing in Saudi Arabia such as capital and tax requirements.
Saudi Arabia's Vision 2030 represents a significant opportunity for UK businesses to engage with an expanding market with vast potential. As the Kingdom continues to diversify its economy and expand its global influence, UK companies are well-positioned to support and benefit from this transformation. With the right strategy, partnerships, and local support, there are a wealth of possibilities.
By aligning your business with Saudi Arabia’s Vision 2030, the benefits for UK and international businesses looking to Saudi Arabia have never been greater.
At Sanctuary, we specialise in assisting businesses looking to expand into Saudi Arabia. We help navigate the complexities of the Saudi market, ensuring that you have the expertise needed to best prepare for success, so get in touch today.
Our expert team offers comprehensive support across a range of services, from company registration, advisory services, and more. Explore our services to discover how we can help you.
Vision 2030 is a strategic framework designed to diversify Saudi Arabia’s economy, reduce its dependency on oil, and transform the Kingdom into a global business hub.
Key points include economic diversification, social reforms, investment in technology and infrastructure, sustainability, and creating a competitive workforce.
The main focus of the Saudi Arabian Vision 2030 strategy is to build on key economic sectors such as hospitality, travel and tourism and build economic stability and sustainability.
Saudi Arabia’s Vision 2030 initiative is aimed at diversifying its economy through strategic investments into the non-oil sector and ensuring a more sustainable economic future.
Saudi Arabia has committed over $500 billion to Vision 2030, funding projects that span a variety of sectors, including energy, tourism, and infrastructure.
Yes, with its growing economy, reform initiatives, and investment incentives, Saudi Arabia is a highly attractive destination for foreign businesses seeking growth opportunities.
Key growing industries include renewable energy, tourism, healthcare, technology, and education.
Saudi Arabia permits foreign owned businesses and investment into the Kingdom, which has been elevated by the Vision 2030 initiative. A MISA licence is required for foreign investors or businesses to establish.
As a result of the diversification efforts of Saudi Vision 2030, the non-oil and private sector in the Kingdom have witnessed unprecedented growth in the past few years. The private sector continues to grow each quarter and the non-oil sectors continue to reach record contributions for the Kingdom’s GDP.
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