UAE residency as an instrument of protection of ultimate beneficiary
Published: | 02/11/2017 | blog
The issue of protection of the economic interests of beneficiaries has got a new development in connection with the introduction of the automatic tax information exchange system (OECD CRS), as well as extremely high probability of fast signing of the corresponding document by CIS countries. The variant for solving the problem of protection of the economic interests of beneficiaries may be the use of free economic zones (FEZ). So, the UAE does not disclose the beneficiaries of resident companies, they do not provide data on their residents. The lack of exchange of tax data is due to the absence of the tax service as such. In addition, the Emirates differ with stability and have all the tools for doing business. The most understandable and reliable solution for obtaining a resident visa in the UAE is the establishment of a company in one of the Free Economic Zones of the Emirates and obtaining a resident visa through the status of an investor, i.e. the owner or co-owner of the company. Resident investor visa is not just a permit to live in the UAE, such a visa also gives a foreigner the right to study, do business, buy and rent housing in the Emirates. In addition, one of the advantages is zero tax rate. Unlike other jurisdictions, obtaining a resident visa in the UAE does not require a long stay on the territory of the country. What is important, only residents of the UAE have the opportunity to open an account with a local bank (Emirates NBD, Mashreq Bank, RAK Bank, FGB and other banks in the UAE). In addition, a resident of the UAE can use his bank account in any respectable bank in the world without sending data to the country of citizenship. Obtaining a residence permit begins with the registration of a local company. If you have never been to the UAE, you should visit the country to register the company. If you have been previously in the UAE and have a stamp on entry, then the first visit for the company formation can be missed and you can make the documents for the company through the representation of FEZ in Moscow or Kyiv. The registration of the company will take 48 hours with agreed package of the documents. As a result, you will receive the copies of the documents of the registered company: a License, a Certificate of the Chamber of Commerce, an office lease agreement in the UAE. In general, the conditions for obtaining residency in the status of an investor are quite simple and they do not require the collection of specific documents. In addition to the documents proving the identity and employment, you need a bank statement on the status of your personal bank account for the last 3 months and invoices for paying utility bills at your place of residence (preferably in the country where the passport was issued) for the last 3 months. Resident visa is issued for 3 years and gives the right to permanent residence in the UAE. At the same time, such a visa can be extended unlimited number of times. If you have received a resident visa but do not intend to reside permanently in the Emirates, remember that you cannot stay outside the country longer than 6 months (180 days), otherwise your visa will be canceled.