Why UAE Golden Visa Opens Opportunities for Investors?
In the year 2019, the UAE government introduced long-term visa plans that open up the economy and culture to immigrants and residents in more profound ways.
The UAE government started granting golden visas that allow visitors to stay for up to 5 years without the need of a national sponsor. It also allows people to live, work, and own properties within the country.
That’s not all, the visa will also automatically be renewed as it runs its course.
This is a revolutionary step for the economy of the UAE because it ensures a smooth flow of entrepreneurial and investment activities that add to the economic strength and its smooth conduct.
Different Types of Golden Visas
There are 2 types of Golden Visas:
- 10-year Golden Visa
- 5-year Golden Visa
Let’s look at how each of them benefits the investors.
1. 10-year Golden Visa
To apply for the 10-year Golden Visa, the investors applying must hold investments at least worth 10 million AED. This has to be a public investment like an investment fund or owning a business.
However, it also states that 60% of the total investment must be sourced from real estate and the amount cannot be loaned. Moreover, the investors should be able to claim complete ownership over these assets.
This visa can include:
- The investor
- A spouse
- Children
- ‘One’ advisor
2. A 5-Year Visa
The conditions to apply for this visa remains more or less similar to the 10-year Golden Visa. The only difference is that the amount of investment required for this one is only 5 Million AED. It also allows foreign nationals to apply for permanent residency with no additional taxes.
Why does the Golden Visa attract Investors?
To begin with, Golden Visa holders are not required to pay taxes for their income.
This also gives them complete and indiscriminate access to the economic activities of the UAE, they are allowed to hold jobs, enroll in colleges, invest in the business, and own properties without having to compensate for their immigrant status in any way.
On top of that, it also allows the visa holders to gain access to health services and insurance with world-class quality,
It also grants them permission to apply for a UAE driving license.
This provision is specially designed to make room for the applicants that are deserving of a position in an economically developed country like the UAE. Furthermore, it is granted to people who can contribute to the growing economy rather than just working for themselves.
This Visa is particularly granted to:
- Especially skilled people like artists, dancers, singers, doctors, scientists, investors, and engineers
- Exceptionally remarkable students with the caliber to become major contributors to the economy
- Business owners who adhere to the policies of asset ownership
- Investors who adhere to the policies of capital ownership
This Golden Visa scheme, ever since its introduction and implementation, has attracted various foreign investors, business owners, skilled employees, and students with immense potential to contribute to the UAE economy.
The fact that this scheme not only welcomes but facilitates a free, equal, and easy life for immigrants is truly commendable. It opens up all essential enrolments, documentation, health services, and identity proofs to the holders of the Visa.
This gives them immense confidence to sustain in a country without feeling like marginalized employees or a second-class population. It naturally increases their chances of growth and gives them the space to thrive in their respective fields.
Above all, this makes their life easy by unburdening them of any extra compensatory taxes for their income or profits, making it a scheme that’s not just good on paper but in practical application as well.
What is even more unique and wholesome about this scheme is that it is designed with special consideration to investors and business owners above the age of 55, who wish to retire under the economical convenience, given that they invest in a property worth AED 2Million or have a consistent monthly income of AED 20,000.
About Xanara
Xanara is a private banking and wealth advisory focused on developing and implementing transparent and client-centric, financial solutions that are backed by expertise. We understand the weight of our solutions and act with the utmost care, resilience, and most importantly, integrity.