How Will Golden Visa Requirements Boost the UAE's Business Ecosystem for Investors?
The UAE is a country that has grown tremendously over the last 50 years. Today, the country is one of the most sought out Middle Eastern countries by foreign investors, entrepreneurs and expats looking for a better lifestyle. In this article, we’ll discuss how to obtain an investor visa in the UAE and the impact the programme has had on the economy.
The country offers excellent opportunities for those who are looking to start their business and build their empire, especially in Dubai. With the recent introduction of the UAE Golden Visa Programme, foreign business leaders who have a base in the UAE are being recognised for their years of service. More than 400 investors and businessmen have been granted the Golden Visa since the launch of the programme which has helped its popularisation. Under this programme, expat investors are allowed to reside for longer periods in the UAE.
Some long-time residents and foreign investors who have contributed to the country’s development are being rewarded for their continuing loyalty toward the country with the help of this programme. Before we discuss what this means for Dubai’s business economy, let’s outline the basics of the residency programme.
Permanent Residency Visas in the UAE
Typically, the UAE government does not grant permanent residency visas to foreign businessmen and investors; they are granted a 10-year visa which has to be renewed to keep their investment and businesses running. However, the Golden Visa provides these individuals with a unique opportunity to enjoy the benefits of a nearly permanent residency in the UAE.
With this programme, business leaders are provided with the possibility of continuing as long term residents through simple visa renewal procedures without the added terms and conditions that previously existed.
The Golden Visa
Golden Visa holders in the UAE can enjoy complete freedom to travel in and out of the country without restrictions and are not required to travel back to UAE every six months. You can qualify for the Golden Visa through two different options: investment and specialised talent.
If you are interested in the UAE investor visa requirements, here are three different ways to qualify:
Deposit at least 10 million dirhams into a UAE investment fund
Partner with an existing company with a share of at least 10 million dirhams
Start a new company with at least 10 million dirhams of capital
There are a few things of which to be aware; real estate investments can’t be more than 60% of the total investment and the investments can’t come from loans. Make sure you closely read all the fine print to avoid any unwelcome surprises.
For specialised talents, there are a number of requirements:
Professors from a top 500 university worldwide, approved by the Ministry of Education
Scientists who have a made a major contribution to their field of study
Doctors with 20 years or more of experience
Just like with the investor track for the Golden Visa, there are a number of small print rules and regulations, such as salary amount and years of experience.
Impact on the Business Economy
Although the UAE government has been attracting and encouraging foreign investments into the country for years, it will continue to boost the country’s position as an investor-friendly business ecosystem. The scheme will surely bring in more long-term business development plans, drawing in new and vibrant talent, to start their businesses in the UAE.
The underlying idea behind this programme is to influence the younger generation of skilled individuals and entrepreneurs to start their business and invest in the country. The launch of the Golden Visa programme has given a confidence boost to foreign investors, which is vital for the country’s future development plans. This visa programme will surely assist the nation to retain talent while attracting new talent, thereby maintaining an active investor base.
Are you interested in the Golden Visa but aren’t sure where to start? Contact us today to receive more information about how to make your impact on Dubai’s economy.
CEO, Europe Emirates Group