Ras Al Khaimah Economic Zone (RAKEZ) launches permanent UAE residency visas as the emirate experiences an uptick in business activity
The UAE’s city of Ras Al Khaimah is now issuing permanent residency visas for just AED16,500 per year, according to the emirate’s freezone authority (RAKEZ).
Dubbed an “all-inclusive” package on the RAKEZ website, the visa offers significant value and flexibility for prospective residents and entrepreneurs.
For the annual fee of AED16,500, visa holders receive a UAE residence visa as well as assistance with third-party visa processing, medical tests, an Emirates ID card, pre-approval for a business license, and use of a shared workstation.
The affordable visa pathway facilitates family entry as holders can easily sponsor family members to join them in the UAE. RAKEZ describes it as providing an opportunity to “enter the world of business with a minimal investment.”
The AED16,500 company set-up package covers all fees with no additional costs. Interested applicants can submit their request directly through the RAKEZ website.
Ras Al Khaimah’s economic momentum gains pace
RAKEZ announced the visa package but did not state how long the opportunity would be in effect. The affordable long-term residency option could provide greater stability and access to business opportunities for those interested in Ras Al Khaimah as the emirate experiences a significant boom on the back of the announcement of the region’s first casino in development.
The Wynn Resort Al Marjan Island is slated to be completed by late 2026 or early 2027, according to reports. Since the announcement earlier this year, the emirate has seen a surge in foreign investment and an uptick in projects across several industries, most notably real estate and hospitality.
In the first quarter of 2023, RAKEZ attracted more than 1,800 new businesses into the emirate — a number which is expected to be much higher now as the year comes to a close.