Wealthy Indians are investing more frequently in luxurious properties in Dubai in order to obtain the long-term Golden Visa. The influx is the result of a modification to UAE’s Golden Visa regulations. The new visas are intended to be more family-friendly, which should make it simpler for applicants to plan their long-term future in the UAE.
What is a Dubai Golden Visa?
A “golden visa” refers to a type of immigration program that many countries offer that can offer permanent residency to a high-net-worth (Rich) individual, on the condition that they can show that they are going to bring significant investment into the country. In some countries, it is even possible to get citizenship through investment.
When you (and your family) have permanent residency, you are considered to be a citizen of the nation where you are living, which usually entitles you to unrestricted freedom of movement. It differs from citizenship since citizens of a nation have more legal rights and protections. The money you are investing in must first be your own and not, for example, borrowed from a bank, since it would be inadmissible.
A common way to obtain a Golden Visa is through real estate investment, but there are typically a variety of other choices, such as starting your own business or investing in stocks and shares or a company. Technology innovation and job growth can be quite alluring to potential countries.
Visa of Opportunity
Launched around two years ago, the UAE Golden Visa program quickly gained popularity, especially among Indians looking to establish a base in Dubai.
Additionally, the recent changes have increased its allure and promise to help a great deal more people realize their dream of living in Dubai in high-quality.
Even though there have been several changes across many categories, in this article we will concentrate on developments that will affect investors, business owners, and professionals.
Golden Residence for Property Investors
First and foremost, the size of the real estate investment has been cut from AED 5 million (Rs 10.4 crore) to AED 2 million (Rs 4.2 crore), while the length of the visa has been increased from five years to ten years. The investor no longer has to travel to the nation every six months, which is a huge adjustment.
This clause has the potential to completely alter the game, particularly for real estate investors. Consequently, if you purchase a house in the UAE for AED 2 million or more, you are now eligible to obtain a 10-year resident visa for you and your family. It’s important to note that, in the event of the death of the original Golden Visa holder, the family members may continue to reside in the UAE for the remainder of their Golden Visa’s validity.
Golden Residence for start-up Entrepreneurs/Investors
According to the new regulations, investors and businesspeople can also obtain a 10-year residency visa by making an investment in a UAE start-up. There are, however, two requirements to get this visa. One, the startup must be registered in the UAE under the small and medium enterprises (SME) category and must earn at least AED 1 million annually (approx. Rs 2.1 crore). Two, the official business incubator, the Ministry of Economy, or the appropriate municipal authorities must approve the start-up plan.
Similar to this, founders or co-founders of any profitable start-up initiative or firm may also apply for a Golden Residence visa if they have sold their business for AED 7 million or more (approx. Rs 14.5 crore).
Green Residence for Entrepreneurs, Freelancers and Self-Employed
By making an investment of AED 500,000 (about Rs. 1.05 crore) in a start-up or an existing business, you can also receive a Green Residence visa good for five years. This visa was previously only good for two years. According to the new regulations, independent contractors and people who work for themselves can also obtain a five-year Green Residence visa without the need for a UAE sponsor. Only a bachelor’s degree or specialized diploma and proof that you made at least AED 360,000 (about Rs 75 lakh) in the past two years of income are requirements.
Additionally, the new adjustments make the visas more family-friendly, facilitating the applicants’ ability to better plan their long-term future in the UAE. The minimum age for sponsored children has been raised from 18 to 25, and there is no minimum age requirement for unmarried females. The biggest adjustment in this regard is that the other family members’ ability to remain in the UAE until the expiration of their visas is not impacted by the death of the primary visa holder.
Therefore, the new adjustments will make it simpler for business owners, experts, and investors to relocate to the UAE, luring capital and expertise while also increasing the country’s economy.
Contributed by Sanal Pillai
Edited by Imtiaz Ullah
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