The UAE Golden Visa residency programme was first implemented in 2019. It enabled expats to study, work and live in the UAE, without the need for national sponsor, and with 100% ownership of their business in the country. Kavan Choksi mentions that as per the new rules of UAE’s Golden Visa, the criteria to apply for the 10-year visas has been eased, and hence an increasing number of people across diverse set of professions shall have the chance to apply for the Golden Visa.
Kavan Choksi briefly underlines a few of the new rules of UAE’s Golden Visa
The UAE Golden Visa program was launched in 2019 and became an instant hit among people planning to set up their base in Dubai. The new changes made to UAE’s Golden Visa make it even more attractive, enabling many more people to have access to the incredible investment and business opportunities provided in Dubai. These changes will affect investors, entrepreneurs, and professionals in many ways.
The first major change in the UAE’s Golden Visa is a reduction in investment size in real estate. This investment amount has been cut down to AED 2 million from 5 million, while extending the duration of the visa to ten years from the previous five years. Another major change is that investors do not need to visit UAE in every six months. This clause holds the power to become a huge game changer, especially when it comes to property investors. Hence, now, if a person buys a property in the UAE worth AED 2 million or more, they would enjoy a decade long residence visa for themselves and their family members. It is imperative to note that the family members may stay in UAE in the event of the death of the original holder of the Golden Visa till the expiry date of their golden visa duration.
Under the new rules, investors and entrepreneurs can also get a ten year residence visa by choosing to invest in a startup in the UAE. However, there are certain conditions linked to obtaining this visa. Firstly, the startup must be registered in the UAE in the category of SME or small and medium enterprises, and have annual revenue of not less than AED 1 million. Secondly, the startup idea must be approved by competent local authorities, official business incubator, or the Ministry of Economy. In a similar manner, the founders or co-founders of any successful startup business may also apply for a Golden Residence visa if they sell off their company for AED 7 million or more. In the opinion of Kavan Choksi people may also get a Green Residence visa for five years by investing AED 500,000 in a new or established business. Choksi has been a part of the business and finance industry for several years, and tries to always keep pace with its trends and latest news.
As per the new rules, self-employed individuals and freelancers may also get a five-year Green Residence visa without requiring any sponsor from the UAE. This makes it simpler for people to explore career opportunities in UAE. On the whole, the new changes make it simpler for investors, entrepreneurs, and professionals to move to UAE, thereby attracting more money and talent that would invariably boost the economy.