Colombia and UAE : The longest residencies available on the market that you can invest in right now
Did you know that you can maintain your residency in some countries for a long period without having to apply for citizenship?
Well, in today’s article we’ll be exploring 2 countries offering residency by investment with the promise of a long period of stay.
Being a centre for oil and financial industries, the UAE is home to many night net-worth individuals, therefore, a high quality of life is available to those with the required levels of disposable income to be afforded access to the luxurious Emirates.
You may be wondering, why does a nation so prosperous feel a need to open itself up like this in order to attract investment? Well, it would seem that in competitive global markets, there is always a need to stay attractive to business owners, and so an offer such as this seems too good to turn down.
This specific visa is for living and working in the nation, and it is said to be with the aim of providing sufficient time for the investor to get a business up and running.
There are 2 options, the 5-year and 10-year golden visa and the process is as follows:
1. Deposit 10 or 20 thousand AED (United Arab Emirates dirhams), the equivalent of roughly US$2700 or US$5450 (as of 20/04/2021) to the UAE government
2. Prove you have sufficient funds to invest in a business or create a business in the UAE
3. Await approval from senior government officials and necessary authorities
Another interesting point to mention is that depending on how many millions of AED you wish to invest, the visa you apply for changes. Therefore, an investment of at least 10 million AED (2.75 million) authorises a 10-year residency permit, providing that extra bit of motivation for you to invest larger amounts to reap larger rewards and also making the decision process of which to apply for, clearer for you.
Colombia is situated in the north-western part of Latin America, with coastline to the north along the Caribbean Sea, and east with the Pacific Ocean.
First of all, it is worth noting that the minimum amount which has to be invested is US$24,000, while the maximum is around US$180,000 and upon making this investment in either of the pathways to residency mentioned above, you become able to live and work in the country.
Now we have this established, if you’re considering going ahead with the process, you’ll have to first present a form called Form DP-FO-67 (which is a visa application form underneath the confusing name) and it must be signed by you, as this is all done in the name of the applicant.
Now for some of the documentation requirements, firstly, your passport must be shown, and when it is, you should make sure it has two or more blank pages and is valid for at least 180 days.
The specific investment type offering a long residency stay in Colombia is the residency Visa for Large Investments in Businesses or Real Estate (around US$180,000, which costs more than the other options available because it grants permanent resident status, to remain in this category you should be looking to live in Colombia for a 2-year period.)
So, which program is for me?
Speaking of rewards, the most obvious one is tax. As a nation with no income or capital gain tax, the investment residency visa goes hand in hand with the non-existent taxation as your newly established business should be able to prosper in a climate such as this.
Alongside this, it is said that the process only takes around 1 month and if successful the lag time between application and moving is extremely minimal, allowing you to get your business up and running in the UAE in no time.
Regarding Colombia, the majority of benefits show once you become a citizen, making the program slightly less appealing when compared to the UAE. However, as and when you become a citizen, you’ll be able to enjoy unrestricted access to 131 countries across the globe, including the entire European Union.
This is worth mentioning as the 5 years of residency you’re granted through your investment gives you ample time to decide if citizenship and permanent stay in Colombia really is for you.
So, if you are interested in finding out more about the pathway to citizenship through investment in the UAE or Colombia, as well as other opportunities to develop your business, contact us today! Below this article, you will find a link to set up a free fifteen-minute consultation with us to discuss your options further.
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