Dubai issued nearly 80,000 golden visas to skilled professionals, entrepreneurs and investors last year, a 69 percent increase over the previous year.
The Golden Visa Scheme, which was launched in 2019, was recently expanded to include more investor and professional categories. Currently, property investors, professionals, scientists, outstanding students and entrepreneurs can apply for long-term visas. WHAT IS A ‘GOLDEN VISA’? In 2019, the UAE implemented a new system for long-term residence visas. The new system enables foreigners to live, work and study in the UAE.
It was launched by Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of the UAE for investors and businessmen. Dubai is the largest city in the UAE and the effects of the Corona virus are being felt there as well. Due to Corona, we are facing shortage of tourists. In view of which, in the year 2020 golden visa was approved for special degrees, doctors, scientists.
Investors can apply for a 10-year visa. The condition for this is that their income should be more than one crore (i.e. Indian Rupees 22 crore) in UAE currency dirhams. An applicant can apply in the form of an investment fund or a company. Although at least 60 percent of the total investment should not be in the form of assets, the amount invested should not be loanable. In case of assets investors should have full ownership.
Recruiting and HR executives have hailed long-term residency as a game changer for the UAE economy and society as it will attract long-term residents, high-net-worth individuals and the best talent from around the world.
In November 2021, more than 44,000 residents in Dubai obtained long-term residency visas since the launch of the long-term residency scheme. GDRF revealed in its annual report issued in November 2022 that between 2019 and 2022, more than 151,600 golden visas were issued in Dubai.
Lately, the demand for long-term visas for skilled professionals has grown rapidly after the minimum monthly wage requirement was reduced from Dh50,000 to Dh30,000. The Arabian Business Center in Dubai (Amer Center – Sheikh Zayed Road) recently told Khaleej Times that they are issuing up to 40 golden visas per day.
The authority said it also processed 62.24 million transactions in 2022, including 46.96 million entry and exit transactions through air, land and sea ports, as against 37.38 million in the previous year.
