Succession planning
The patriarch of the family about to retire contacted us through their family lawyer. He would like to have as smooth as a possible transition of the family business to his three children.
In January 2021, the UAE approved a new citizenship law granting the Emirati citizenship to foreigners.
Although the citizenship can be granted to certain selected categories of people, the announcement is a big news taking into consideration that UAE population is made up of nearly 90% of foreign expats for whom it is also important that according to the new law, the new Emirati citizens can keep their existing citizenships.
The main reason for such major policy change is to attract talents that will contribute to the continuous development of the UAE. The process of granting the citizenship would begin with a nomination by, inter alia, the Federal Cabinet or by the Ruler’s Office or Executive Council in an Emirate. Letters of recommendation are also required for nominations in most categories.
According to the new law, the following categories of residents and their immediate family members (i.e. spouse and children) are eligible for citizenship: