Dubai, UAE: The 8.92 million expatriates in the UAE equate to 88.52% of the country’s population.[1] A large majority of these individuals come in search of work and permanent residence, and increasingly more as the UAE’s appeal has grown based on how  it handled the COVID-19 pandemic. With a valid residency visa being a prerequisite for expats to stay in the UAE, Passport Legacy will ease this process for immigrant investors via their new service; the “Business Set-Up in the UAE”, which will help immigrants secure residency visas at a lower investment cost than the global industry standard and enable them to enjoy the vast array of benefits that the country offers.

Residency-by-Investment (RBI) and Citizenship-by-Investment (CBI) programs usually start at $100,000 and can be unaffordable for many investors. Individuals who can’t access such liquidity but wish to move to the UAE can use Passport Legacy’s new service as a more viable option for immigration. Starting at AED 50,000, Passport Legacy will seamlessly facilitate the whole process for investors to set up their business in the UAE; this can be done through three jurisdictions: either a local (mainland) company, a free zone company, or an offshore company. Investors who establish their business as a local or free zone company will be subject to additional benefits, like only needing to visit the UAE once every six months to maintain their visa, as they will also be able to issue visas to employees and contribute to the UAE’s growing economy.

Availing Passport Legacy’s new service is relatively straightforward but specific criteria will vary from one investor to another. This will be based on factors like the client’s country of origin, the type of business they want to establish, and the requirements of the relevant jurisdiction’s authority. Once an investor has submitted the necessary documentation, three to five days will be needed for the issuing of their license, five to seven days for their establishment card, and two to seven days for their visa entry permit. In the Northern Emirates, where the potential for cheaper investment exists, an additional step will be required after an investor receives their establishment card; this e-channel process will take an extra one to three days. The client will then need one day to perform their medical test and have to wait one to two days (depending on the authority) to secure their Emirates ID and three to five days for their visa stamping.

Jeffrey Henseler, Founder of Passport Legacy and Managing Partner of Passport Legacy, UAE HQ, commented: “The world is more expensive than it has ever been and the UAE has done a tremendous job of providing a vast variety of investment options for individuals of all income brackets to set themselves up for future success. We have expanded on this progress to offer even more affordable alternatives for those who may not necessarily have adequate funds to pay global industry rates for investment migration incentives. For instance, the Dubai Free Zone is both prestigious and increasingly affordable, with IFZA and Meydan having an assortment of options for interested investors; our new business set-up service in the UAE will accordingly facilitate opportunities for these areas of interest with specialized incentives. On the other hand, we can also facilitate opportunities in the Northern Emirates for clients who need more affordable solutions for their business activities. While each client will be handled on an individual basis, and in a customized manner based on their situation and requirements, we will provide a seamless avenue for investors to establish a solid foundation in the UAE.”

The UAE’s oil reserves and sovereign wealth funds are valued at approximately $1.3 trillion[2], giving the country access to resources that allow challenges like market volatility to be more easily navigated. This has proven instrumental through times of turbulence, with the recent pandemic being the most notable. The country offers several advantages in today’s climate including a favorable geographic location, continually diversifying market, excellent infrastructural connectivity with more than 90 airlines and 170 shipping lines, unparalleled tax benefits, a zero restriction policy on the exchange of money, a plush real estate landscape, and much more to make it a fertile breeding ground for business entities and preferred destination for investors. With Passport Legacy being one of the few government-authorized advisory firms in the world to offer citizenship-by-investment programs, they have carved out a niche for themselves through leading immigration services and their new business set-up service further solidifies this specialty.

About Passport Legacy:

Founded by Jeffrey Henseler, Passport Legacy is a Swiss boutique firm with over 25 years of combined experience in the citizenship-by-investment industry. Headquartered in Dubai, UAE with supporting global offices in Nigeria, Pakistan, and Lebanon, Passport Legacy is a CBI company providing a range of tailored professional services to its private clients including the acquisition of alternative residences or citizenship as well as real estate. Through its highly-knowledgeable and experienced Client advisors, who are available to call and text 24/7, Passport Legacy facilitates access to over 150 countries.

 

[1]https://www.globalmediainsight.com/blog/uae-population-statistics/#:~:text=The%20Total%20Expat%20Population%20of,to%20official%20Dubai%20Government%20website.

[2] https://www.trade.gov/knowledge-product/united-arab-emirates-market-overview