Security Deposit for Family Visa as an Investor in RAKEZ, UAE

Starting a business in a free zone like RAKEZ (Ras Al Khaimah Economic Zone) in the UAE not only offers entrepreneurial opportunities but also the potential for obtaining UAE residency. As an investor, you may be eligible to sponsor your family's visa, enabling them to reside in the country with you. However, it's important to understand the process and requirements involved, including the security deposit, which we will delve into in this informative blog post.

Investor Visa and Family Residency:

Upon successfully establishing your business in RAKEZ, you would have obtained an Investor Visa for yourself, allowing you to reside in the UAE. With this visa, you have the privilege of sponsoring your family members (spouse and children) for their residency as well.

Security Deposit for Family Visa:

To apply for a family visa, there is a security deposit requirement set by the UAE authorities. As of this writing, the security deposit stands at AED 3200 per family member. For instance, if you are sponsoring your spouse and two children, the total security deposit would amount to AED 9600.

Purpose of the Security Deposit:

The reason behind this security deposit is to ensure that in the event of an unforeseen circumstance or emergency, the government can assist your family members in returning to their home country. This deposit serves as a financial guarantee to cover any potential repatriation expenses, should the need arise.

Refund Process:

It's important to note that the security deposit is refundable. You can receive a refund in two scenarios:

• Visa Cancellation: If you decide to cancel your Investor Visa or if your family members no longer require their UAE residency, you can initiate the visa cancellation process. Once the visas are successfully canceled, the security deposit can be reclaimed.
• Obtaining a New Visa: Alternatively, if you or your family members secure employment with another company in the UAE and obtain a new visa then you can apply for cancellation of existing visa and then ask for refund.

Conclusion:

As an Investor Visa holder in RAKEZ, UAE, sponsoring your family's residency entails a security deposit requirement. This deposit ensures that in unforeseen circumstances, the government can assist your family members. It's essential to understand this aspect of the process and plan accordingly. Remember, the security deposit is refundable upon visa cancellation or transfer to a new employer. By being aware of these details, you can navigate the family visa application process with confidence and enjoy the benefits of living together as a family in the UAE.

Please note that the information provided in this blog is based on my personal experience. It's always recommended to consult with the relevant authorities or a professional consultant for the most up-to-date and accurate information regarding residency requirements and regulations in the UAE.