19 Dec, 2023: The Emirate's freezone authority, RAKEZ, has introduced permanent residency visas in Ras Al Khaimah at an annual cost of AED16,500. Termed an "all-encompassing" package on the RAKEZ website, this visa provides substantial benefits and flexibility for individuals aspiring to become residents or entrepreneurs.
For an annual charge of AED16,500, individuals holding the visa acquire a UAE residency permit along with aid in processing external visas, medical examinations, an Emirates ID card, preliminary approval for a business permit, and access to a communal workspace.
The cost-effective visa option simplifies family entry by enabling holders to effortlessly sponsor their relatives to relocate to the UAE. RAKEZ characterises this initiative as a chance to “enter the world of business with a minimal investment.”
RAKEZ revealed the details of the visa offer without specifying its duration. This cost-effective extended residency opportunity could offer increased stability and enhanced access to business prospects, particularly appealing to individuals interested in Ras Al Khaimah. The emirate is witnessing substantial growth, notably following the announcement of the region's inaugural casino project.
According to reports, the construction of The Wynn Resort on Al Marjan Island is scheduled for completion by late 2026 or early 2027. Since its announcement earlier this year, the emirate has experienced a notable increase in foreign investments, particularly in industries like real estate and hospitality, resulting in a surge of projects. In the initial quarter of 2023, RAKEZ drew in over 1,800 new businesses to the emirate. With the year coming to an end, it's anticipated that this number has significantly risen, indicating a substantial growth in business activities.
This visionary move is poised to attract global talent, spur economic development, and solidify the UAE's position as a welcoming and forward-thinking destination for individuals seeking a lasting connection to this vibrant nation.