The United Arab Emirates has been making waves in recent years. Attracting expats from around the world with its dynamic economy. A gross domestic product of 507.06bn USD, and a luxurious lifestyle.
However, a game-changing development has further solidified the United Arab Emirates’s status as a top destination for expatriates. This is the introduction of the Golden Visa program. Delve into why the Golden Visa in the UAE is causing such a buzz among expats. Plus, explore its various aspects.
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What Is A Golden Visa?
UAE Golden Visa is a long-term residential program by the UAE government. This program allows eligible individuals to reside, study, work, and even set up businesses in the UAE.
The UAE Golden Visa is designed in a way that negates the requirement of the traditional sponsorship-based or employment-based visa. Unlike a normal visa, the Golden visa is granted for 10 years.
After the term is over, the visa holder can easily renew the visa if he or she wants to. However, the individual will have to go through the process of verification and applying all over again. In some special cases, this tenure is extended further.
Long-Term Residency
One of the key reasons the Golden Visa is a game-changer for expats is its opportunity for long-term residency in the UAE. Traditionally, expatriates in the UAE have been limited to renewable residence permits of up to a few years. However, the Golden Visa allows eligible individuals to secure residency for five or even ten years, depending on the category. This extended residency period offers stability and peace of mind, making the UAE a more attractive place to live and work.
Business and Investment Opportunities
Another marked advantage of the Golden Visa is the favorable business and investment environment it creates. People who obtain a Golden Visa are more inclined to establish businesses in the UAE, driving economic growth and innovation in the region. Additionally, the program encourages foreign investors to put their money into the United Arab Emirates’s diverse industries, from real estate to technology startups. This influx of capital can profoundly impact the country’s economic development.
Access to World-Class Healthcare and Education
The United Arab Emirates, renowned for its advanced healthcare infrastructure and exemplary education system, now stands as a global hub for innovation and economic development. This initiative allows people easier and more affordable access to these premium services, significantly lower in cost than for non-residents.
Such accessibility not only ensures superior healthcare provisions for families but also secures first-rate educational opportunities for their children. Enhanced by the allure of unparalleled healthcare and education facilities, the United Arab Emirates’s attractiveness as a desirable long-term destination for expatriates has markedly increased, fostering a diverse international community.
Diverse Cultural Experiences
The UAE’s rich and diverse culture, steeped in history, is a major attraction for expatriates. With the Golden Visa program, expats have the unique opportunity to immerse themselves fully in this vibrant and eclectic cultural landscape. Whether it’s experiencing the traditional Bedouin way of life, exploring historic landmarks, enjoying the contemporary arts and music scene, or savoring the delectable, varied Emirati cuisine, the Golden Visa allows expats to become an integral and active part of the UAE’s cultural tapestry, enriching their global perspective.
Enhanced Retirement Options
The Golden Visa program also extends its benefits to retirees, offering them a unique opportunity to spend their golden years in the UAE. With its warm climate, world-class amenities, and tax-friendly environment, the UAE is becoming an increasingly attractive destination for retirees from around the world. The Golden Visa simplifies the process for retirees to enjoy their retirement in this luxurious and hospitable country.
Who Can Apply For UAE Golden Visa?
As it is already apparent from the above discussion, the UAE Golden visa comes with a lot of perks, including long-term residency, newer business opportunities, access to healthcare, access to education, etc.
Golden Visa can be of two different types. The first kind lets you enter and exit Dubai multiple times for a period of 6 months. This is a popular visa choice for international businessmen. As it allows multiple entry and exit.
The next kind is the usual long-term residential one. This lets the visa holder reside in Dubai for an extended period of time. This period usually varies between 5 years and 10 years. However, the user can further re-apply once the tenure is done.
But who can apply for the Golden Visa? Well, let us dive right in to answer that question.
Investors
- if you invest in a significant investment fund, then you will be granted a Golden Visa for a tenure of 10 years. However, the investment amount should exceed AED 2 million.
- After the investment, you will have to submit a letter from the investment fund that is accredited to UAE. The letter will acknowledge your investment and will even mention the total amount invested.
- You will also have to present a document acknowledging that you pay a total of AED 250,000 to the government in a year. This letter should be issued from the Federal Tax Authority itself.
- Finally, the amount you will invest should be your own capital and not a loan. Otherwise, your investment will not be cleared for Golden Visa benefits.
Entrepreneurs
- As an entrepreneur, you can get a 5-year Golden Visa if you present a document claiming that you are a part of an economic project.
- The project should exceed the total valuation of at least AED 500,000. Otherwise, the project will not be cleared for the visa.
- The project should be technical or future-based. This means there should be an active angle of innovation.
Skilled Professional
- Professionals with a specific set of skills that can contribute to Dubai’s growing economy are eligible for a 5-year Golden visa.
- The professional must be highly skilled and indisposable to Dubai’s society. The professional could be from the fields of arts, culture, science, and technology.
- Students can also avail of a Golden visa if their skillset proves to be useful in the future.
Conclusion
The Golden Visa in the UAE is undeniably a game-changer for expatriates. It offers long-term residency, fosters business and investment opportunities, provides access to excellent healthcare and education, enables a deeper cultural immersion, and even enhances retirement options. These benefits make the UAE an even more appealing destination for expats seeking a higher quality of life and greater opportunities. As the UAE continues to evolve and innovate, the Golden Visa program is set to play a pivotal role in shaping its future as a global hub for expatriates. Expats looking for a new home away from home may find their dreams realized in the dynamic and welcoming environment of the United Arab Emirates.
