GCC Countries: Becoming the Best for Residency
With these countries actively making strides to become world leaders, they are effectively turning into some of the best places on Earth for relocation. Besides these efforts, GCC countries are also facilitating and relaxing previously difficult entry requirements and enabling more people from all over the world to not only visit them, but also to establish a second Residency. The best examples of these foreign-friendly policies are Golden Visas – Residency by Investment programs which provide a legal and straightforward path to securing lawful status in a GCC country. Currently, the prime Residency by Investment programs are found in the United Arab Emirates, Qatar, and Saudi Arabia.
The United Arab Emirates
The United Arab Emirates is one of the most luxurious countries in the world, known for its grand skyline, modern architecture – housing the Burj Khalifa, the tallest building in the world – and for being a haven for financial opportunities. All these reasons are only some of the countless why so many people around the world covet the country, and its population reflects it – almost 90% is foreign-born.
In recent times, the UAE, intending to diversify its economy, has relaxed the entry requirements to its territory with the introduction of self-sponsored visas, thus shedding the need to have an employer and enabling an individual to enter the country more easily. The true stand out is the UAE Golden Visa, which perfectly aligns with its aims of attracting foreign talent to create a leading global economy and includes an option directly aimed at savvy investors.
With the Real Estate option, high net-worth Golden Visa investors can bypass the sponsorship requirement and acquire property in the country for AED 2 million (approximately USD $545,000), which is a booming industry in the country. Expats and investors alike are able to secure 10 Years of Residency in the UAE and all the benefits associated with it, including family reunification and the ability to sponsor other visas.
Qatar
Qatar, much like the UAE, and other GCC countries, offers an unparalleled amount of luxury and high financial investment opportunities, while setting the highest standards in quality of life. The country recently gained international prominence after the tremendous success of the 2022 FIFA World Cup, which was held in Qatar. Following this trend of increase in popularity and economic growth, Qatar has skyrocketed to become one of the best countries for relocation.
To facilitate moving to Qatar, the country has also implemented a self-sponsored Golden Visa-like program with both Temporary and Permanent Residency solutions. With the goal of attracting foreign talent and investment, the Qatar Golden Visa enables investors and expats to become Residents in the country via Real Estate acquisition.
Besides becoming property owners in one of the most prosperous countries on Earth, Golden Visa holders also gain access to Qatar’s prestigious healthcare and education systems, as well as a whole new world of financial opportunities, as further investments in the country are now possible. Temporary Residency becomes possible with a QAR 728,000 (approximately USD $200,000), investment in the Real Estate sector, while Permanent Residency is unlocked with a QAR 3,650,000 (approximately USD $1 million). Non-Qatari nationals Golden Visa become Residency holders and boast the rights to purchase property and to lease and sell.
Saudi Arabia
As the entire Gulf Cooperation Council bloc prompts itself to be a key player in the global economy, Saudi Arabia has been positioning itself at the forefront for some time. Driven by the Vision 2030 plan, which targets several critical areas for economic and social growth, Saudi Arabia is seeking to become the country where expats, investors, and highly skilled talent come to live and work.
As part of the Vision 2030 plan, Saudi Arabia launched, in 2019, the Premium Residency Center, though only recently launched “updated” Residency solutions, which fall more in line with more traditional Golden Visa programs found in Europe. Though the Residency Visas target distinct types of talent, the Real Estate Ownership Visa steps into the spotlight, offering investors and expats a straightforward path with no need of sponsorship to legal and lawful Residency in Saudi Arabia.
The Real Estate Ownership Residency solution, the most similar to a Golden Visa, offers the chance for individuals to settle down and establish Residency in Saudi Arabia through the purchase of a property evaluated at SAR 4 million (approximately USD $1,67 million). The most interesting about this option is that the Residency status is tied to the ownership of the Real Estate property itself, which means that an expat can settle down and enjoy Saudi Arabia, conduct their business or investment activities, and then sell the property when it is no longer required.
More Benefits for GCC Residents in the Future: Visa-Free Travel and No Border Controls for 2024/2025
In the global, interconnected world we live in today, mobility is key to hundreds of millions around the world. Whether for travel, leisure, business, or investment, the world in itself is becoming freer and more unlocked by the day. Understanding this, the GCC countries, announced the creation of a common travel area, akin to the Schengen Zone, between the participating countries of the Gulf Cooperation Council, which was announced in November 2023. This intent was reinforced in January 2024, when the GCC Supreme Council directed the Interior Ministers to take active steps toward it.
The implementation of a unified Visa will dissolve the requirement for different visas when visiting different GCC member countries, greatly facilitating travel between the 6 countries. Though the process is yet to unfold and may suffer changes, this unprecedented move by the GCC would further increase their respective mobility scores.
Residents and Golden Visa holders of these countries, now having full access to the bloc, could have their international mobility increase. They could also further benefit from expanded business and investment opportunities, which will undoubtedly surge with more eyes and more people now being able to travel to neighboring countries on a single unified visa.
With no date yet set for the launch of this cooperative effort, it is nonetheless expected to begin to take shape and be enforced sometime between 2024 and 2025, further positioning the GCC in the international spotlight. However, a new unified visa could also potentially cause a rise in the demand for Residency in a GCC country, and thus, the costs of Residency by Investment programs, which means the time to act is sooner rather than later.
Investment Visa: Your Trusted Golden Visa Partner
With an overseas office located in Dubai, the United Arab Emirates, Investment Visa has unique, hands-on, and in-depth knowledge of how to obtain Golden Visas not only in the UAE, the greater GCC bloc, including Qatar, but the rest of the world, in Europe, the Caribbean, and the South Pacific.
This knowledge has proven invaluable in the past when the Investment Visa Advisory team successfully led thousands of investors to their second Residency & Citizenship status in their coveted countries. With a team boasting decades of experience in the investment immigration industry, Investment Visa prides itself on providing a unique, utterly personalized service, which ultimately culminates with all expectations met and surpassed. Ensure your second Residency & Citizenship status in any country of your choice and begin your journey toward a brighter future with Investment Visa on your side!
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