Timeframe: when Yas Island was but a bridge and four roads


Katy Gillett
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Cast your mind back 15 years, to when the UAE, now brimming with vast man-made islands, towering skyscrapers and entirely new cities, was unrecognisable when compared with today.

An agreement had only just been signed between the UAE and France to develop a satellite Louvre museum. What was then known as the Burj Dubai was a mere 150 storeys. In December, the Sheikh Zayed Grand Mosque would open to the public for the first time.

And, in May that year, Yas Island was still a desert area with but four roads and a bridge.

Construction began that month on the Yas Marina Circuit, which would go on to hold the Formula One Abu Dhabi Grand Prix. By August, an outline of the now world-famous track had begun to appear, as tractors dug up sand for what was to become a marina.

It was another 30 months before it would open, but it has since become known as one of the UAE's biggest attractions, attracting tens of thousands of tourists every year for the racing event.

Its home, Yas Island, has also become a major draw for travellers and families. This month, renowned American comedian Kevin Hart became its first chief island officer, promising “big things are coming”.

But anyone who's lived in the UAE for any length of time already knew that, judging by the sheer amount of development over the past 15 years.

Kevin Hart is Yas Island's first chief island officer. Wam
Kevin Hart is Yas Island's first chief island officer. Wam

Ferrari World, now home to the fastest roller coaster in the world, opened in 2010, the year after the circuit. Yas Waterworld, the UAE's first mega water park, opened in 2013. Popular shopping centre Yas Mall opened in 2014.

More recently, there has been the opening of Warner Bros World Abu Dhabi in 2018 and its themed hotel — a world first — only last year.

The world's tallest indoor climbing wall opened at Clymb Abu Dhabi in 2019, while the still-growing Yas Bay is poised to become the country's next biggest waterfront destination.

And that's only scraping the surface on what's there now — from restaurants to hotels and the Yas Links golf course — not to mention what's yet to come.

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Citizenship-by-investment programmes

United Kingdom

The UK offers three programmes for residency. The UK Overseas Business Representative Visa lets you open an overseas branch office of your existing company in the country at no extra investment. For the UK Tier 1 Innovator Visa, you are required to invest £50,000 (Dh238,000) into a business. You can also get a UK Tier 1 Investor Visa if you invest £2 million, £5m or £10m (the higher the investment, the sooner you obtain your permanent residency).

All UK residency visas get approved in 90 to 120 days and are valid for 3 years. After 3 years, the applicant can apply for extension of another 2 years. Once they have lived in the UK for a minimum of 6 months every year, they are eligible to apply for permanent residency (called Indefinite Leave to Remain). After one year of ILR, the applicant can apply for UK passport.

The Caribbean

Depending on the country, the investment amount starts from $100,000 (Dh367,250) and can go up to $400,000 in real estate. From the date of purchase, it will take between four to five months to receive a passport. 

Portugal

The investment amount ranges from €350,000 to €500,000 (Dh1.5m to Dh2.16m) in real estate. From the date of purchase, it will take a maximum of six months to receive a Golden Visa. Applicants can apply for permanent residency after five years and Portuguese citizenship after six years.

“Among European countries with residency programmes, Portugal has been the most popular because it offers the most cost-effective programme to eventually acquire citizenship of the European Union without ever residing in Portugal,” states Veronica Cotdemiey of Citizenship Invest.

Greece

The real estate investment threshold to acquire residency for Greece is €250,000, making it the cheapest real estate residency visa scheme in Europe. You can apply for residency in four months and citizenship after seven years.

Spain

The real estate investment threshold to acquire residency for Spain is €500,000. You can apply for permanent residency after five years and citizenship after 10 years. It is not necessary to live in Spain to retain and renew the residency visa permit.

Cyprus

Cyprus offers the quickest route to citizenship of a European country in only six months. An investment of €2m in real estate is required, making it the highest priced programme in Europe.

Malta

The Malta citizenship by investment programme is lengthy and investors are required to contribute sums as donations to the Maltese government. The applicant must either contribute at least €650,000 to the National Development & Social Fund. Spouses and children are required to contribute €25,000; unmarried children between 18 and 25 and dependent parents must contribute €50,000 each.

The second step is to make an investment in property of at least €350,000 or enter a property rental contract for at least €16,000 per annum for five years. The third step is to invest at least €150,000 in bonds or shares approved by the Maltese government to be kept for at least five years.

Candidates must commit to a minimum physical presence in Malta before citizenship is granted. While you get residency in two months, you can apply for citizenship after a year.

Egypt 

A one-year residency permit can be bought if you purchase property in Egypt worth $100,000. A three-year residency is available for those who invest $200,000 in property, and five years for those who purchase property worth $400,000.

Source: Citizenship Invest and Aqua Properties

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