The Gulf region is entering a new phase of welcoming talented people from all over the world as every Gulf Cooperation Council (GCC) country (i.e. UAE, Saudi Arabia, Bahrain, Qatar, Kuwait, Oman) now offering long-term residency programs.
The Federal Tax Authority (FTA) in the United Arab Emirates (UAE) has reported record levels of corporate tax compliance with over 640,000 businesses registered in the first year under the new corporate tax regime with the most businesses filing their returns and settling the payments within legal deadlines.
A simple answer to the above question is no and to open standard personal or business bank accounts in local UAE banks, individuals must be residents, i.e. hold a valid residence visa and Emirates ID.
Tourists to Saudi Arabia holding a visit visa can now open bank accounts in local banks using a “Visitor ID” according to Saudi Central Bank (SAMA). “Visitor ID” is issued by the Ministry of Interior, digitally verifiable and accepted by local banks as a valid identification document.
The UAE’s Golden Visa has become one of the Gulf region’s most attractive residency programs, drawing global investors, entrepreneurs, skilled professionals, scientists, doctors, students, and innovators from all over the world seeking long-term stability and opportunity.
Oman will introduce its golden visa programme for investors on August 31 as part of broader efforts to strengthen its position as a global investment hub and accelerate the digital transformation of commerce.
The Dubai World Trade Centre has announced the launch of the UAE’s first international sports and entertainment free zone, a specialized business cluster aimed at fostering growth and innovation in the sector.
Dubai has launched a long-term residency program which grants eligible yacht owners the opportunity to secure a 10-years UAE Golden Visa.
The UAE’s transfer pricing (TP) regime was launched in 2024 and while in line with the OECD arm’s-length standard model, the TP rules are distinctive in certain ways.
The UAE is one of several countries in Middle East, together with Saudi Arabia, Qatar and Jordan, that have adopted TP regimes in recent years.
