RAK developer offers UAE residency with purchase of homes

Real estate developer Al Hamra has partnered with Ras Al Khaimah Economic Zone (RAKEZ) to offer a 12-year residency visa and a business licence to investors who purchase a ready-to-move-in seafront or golf-course view home in Al Hamra Village or Bab Al Bahr.

Along with the 12-year residency visa, investors will also receive a business licence, an additional partner visa and a flexi-desk to conduct business.

An apartment in Al Hamra Village and Bab Al Bahr located in the emirate of Ras Al Khaimah starts at Dhs292,000. Investors can make the payment over a five-year period with a 20 per cent upfront payment of the total value.

Potential buyers can also request a virtual walk-through of the residences and communities of Al Hamra.

The developer says that the average internal rate of return (IRR) at Al Hamra is estimated at up to 8 per cent annually. It said that investors can also benefit from high rental values with Al Hamra being an in-demand residential community which has views of and easy access to an 18-hole championship golf course, a marina and yacht club, clubhouse, the Al Hamra Mall, and luxury hotels.

The freehold home will be 100 per cent owned by the investor. These investors stand to benefit from 100 per cent ownership of the business, 100 per cent repatriation of capital and profits, no corporate tax and zero personal tax.

“Ras Al Khaimah, named as the Gulf Tourism Capital for 2021 at the fifth annual meeting of tourism ministers of the Gulf Cooperation Council, is now the fastest-growing tourism and investment destination in the region. The government’s institutional approach has made the emirate an investment destination of choice for SMEs and big businesses,” said Benoy Kurien, Group CEO of Al Hamra.

“More than 38,000 companies from 100 countries representing over 50 industries already operate in Ras Al Khaimah. With the launch of our new package, we are offering an extraordinary opportunity for investors to buy-into Al Hamra as well as set up a company under their own business licence. The new package aims to attract entrepreneurs, freelancers, consultants and seniors, anyone looking to live and work in the UAE.”

The neighbouring emirate of Dubai also recently launched a new residency programme to allow overseas remote working professionals to relocate along with their families while continuing to work remotely for their overseas employer.

Read: Dubai launches new residency programme for overseas remote working professionals