Following the Russian invasion of Ukraine, millions of Ukrainian refugees fled their war-torn country to Poland and western Europe. But, the Russian oligarchs were fleeing to a sanction-free location, Dubai.
Maintaining neutrality on the issue, the Emirates became an ideal location for the Russian billionaires to not just buy properties, but to fully reside. The UAE’s “golden visa” program, which offers long-term residence visas, could benefit the Russians who were looking for bigger investments.
The Emirati visa program enables foreigners to live, work and study in the UAE, without the need for a national sponsor and with 100% ownership of their business.
The Russian oligarchs could get golden visas, if they invest at least 10 million dirhams in a local company or investment fund.
The UAE also introduced a citizenship by investment scheme in January 2021, which allowed foreigners to acquire Emirati citizenship through investment in “property”.
But, it was unclear how much they need to invest and in what type of properties to obtain it. Dubai’s market had always been successful with Russian investors.
Russian owner of Chelsea F.C., who was continuously scrutinized since the sanctions hit, Roman Abramovich was looking for a house in Dubai. From superyachts and properties to private jets, oligarchs were shifting their most precious assets to sanction-free countries.
The UAE and some other Arab states didn’t want to burn bridges with Moscow. They saw their national interests best served by maintaining close ties with Russia. The Emirates majorly benefited from the Russian-Ukraine crisis, due to its safe haven status.
#RussiaUkraineWar #OligarchsUAEGoldenVisa #RomanAbramovichDubai
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