Ras Al Khaimah has introduced a permanent residency visa programme through the Ras Al Khaimah Economic Zone (RAKEZ). The all-inclusive package presents an appealing opportunity for potential residents and entrepreneurs, providing numerous benefits at a reasonable rate.
Benefit Breakdown
According to the Middle East, RAKEZ’s permanent residency visa package extends beyond a simple residency permit; it’s a comprehensive offering designed to facilitate a smooth transition for residents and entrepreneurs.
The package incorporates a UAE residence visa, streamlining third-party visa processing, health compliance through medical tests, official identification with the Emirates ID card, pre-approval for business licenses, and flexible workspace solutions with shared workstation access. Priced affordably at AED16,500 per year, this new permanent residency visa offers valuable prospects for potential residents and entrepreneurs.
Application Procedure
Prospective applicants seeking a permanent residency visa can directly submit their requests via the RAKEZ website. The uncomplicated application process eliminates the need for intermediaries, ensuring a swift and efficient procedure for interested individuals.
Ras Al Khaimah’s Economic Uptick
While RAKEZ hasn’t specified the duration of the permanent residency visa opportunity, its unveiling coincides with a crucial period for Ras Al Khaimah’s economic landscape. The emirate has witnessed a notable upswing following the announcement of the Wynn Resort Al Marjan Island, the region’s first casino, scheduled for completion by late 2026 or early 2027.
Since this announcement earlier in the year, Ras Al Khaimah has experienced an influx of foreign investment, particularly in real estate and hospitality. In the first quarter of 2023 alone, RAKEZ attracted over 1,800 new businesses to the emirate, with expectations of a continued rise throughout the year.
As Ras Al Khaimah establishes itself as a thriving economic hub, RAKEZ’s permanent residency visa package emerges as a cost-effective and comprehensive solution for those seeking permanent residency in the UAE. This initiative unlocks new opportunities for residents and businesses amid the emirate’s economic resurgence.
