Oligarchs are moving to countries with a neutral stance on Russia’s invasion of Ukraine, per Forbes.The United Arab Emirates’ golden visa program offers long-term residency to investors.The program enables foreigners to live, work and study in the UAE.Sign up for our weekday newsletter, packed with original analysis, news, and trends — delivered right to your inbox.Loading Something is loading.
Forbes first reported the story.
Brokers told Forbes that not only are the sanctioned individuals house-hunting in Dubai but they are also interested in full residence.One real estate broker at Vartur Real Estate told Forbes: “Those kinds of people are looking for bigger investments, they’re scared to keep their assets in European countries.”
The United Arab Emirates offers long-term residence visas through its “golden visa” program.This enables foreigners to live, work, and study in the UAE without the need for a national sponsor and with 100% ownership of their business.
To be granted golden visas, which are issued for five or 10 years and renewed automatically, applicants must be investors, entrepreneurs, specialized talents and researchers in various fields of science and knowledge, or bright students with promising scientific capabilities.
The Russian oligarchs could get golden visas if they invest at least 10 million dirhams ($2.7 million) in a local company or investment fund.
The UAE government did not immediately respond to Insider’s request for comment, made outside of normal working hours.
Abdullah Alajaja, CEO of Dubai real estate brokerage Driven Properties, told Forbes: “It’s effectively a lifetime residency that you get granted by the Dubai government [and] it’s very affordable for many of these affluent Russians.”
Another real estate agent told said that Dubai’s market had always been successful with Russian investors.
The UAE abstained from adopting a resolution on Thursday, which suspends Russia from the Human Rights Council.
Insider’s Grace Dean previously reported that Roman Abramovich , who has been continuously scrutinized since the sanctions hit, was looking for a house in Dubai.
From superyachts and properties to private jets, oligarchs are increasingly having their most precious assets seized.
Alan Pinto, a leasing consultant at Espace Real Estate in Dubai Marina, told The Guardian last month that Russian investors “know how to deal with local authorities and to make themselves good neighbors.”