When the UAE Government launched the Golden Visa Scheme in 2019, there were several takers for the same. The kind of interest that was generated for the initiative can only be termed phenomenal. This proves that a majority of the segment in the world population would not mind giving their left or right leg to get temporary residence permits in the UAE. Now, the Gulf country has made some changes to the existing golden visa rules, which are poised to come into force from September 2022 onwards, to make them more attractive to investors, entrepreneurs and professionals. So, let us explore how these categories of people are going to benefit from the fresh changes.
Bringing Down Investment Size In Realty
Previously, to acquire the Golden Visa an investor had to invest 5 million AED (Rs 10.4 crore) into the real estate market of the UAE. But now, the amount to be invested has been reduced to 2 million AED (4.2 crore). This change can attract more investors from abroad, especially in India, and significantly boost foreign investments in the country as well. And the proverbial icing on the cake happens to be the extension of the visa to 10 years from 5 years previously. Also, the family members of a Golden Visa holder can stay in the country for 10 years till the expiry of the residency permit even if the original visa holder dies.
No Need To Visit The UAE Frequently
This would come as a major relief to all the investors having the visa scheme or planning to acquire one. Earlier, the investors had to come to the UAE every six months or else their visas would get cancelled. In such a scenario, it was quite a laborious task to get the visa revoked. However, now investors don’t have to enter the country every six months as the provision has been eliminated. Going forward, this change has the propensity to be a game-changer for realty investors.
Even Startup Owners Can Also Stay But…
As per the new changes, even the startup owners can stay in the country for a period of 10 years. However, there are certain criteria that the startup owners should meet. Firstly, the startup has to be registered in the country under the category of Small Medium Enterprises (SMEs) and also earn a yearly revenue of 1 million AED (Rs 2.1 crore). Secondly, the startup idea needs the get the nod of the Ministry of Economy or competent local authorities. Also, founders or co-founders of any established start-up business or project are eligible to seek the Golden Residence visa provided they have offloaded their entire stakes in the organisations or entities for AED 7 million or more (approx. Rs 14.5 crore).
Residency Permit Even For Freelancers
As per the new tweaks in the Golden Visa rules, now even freelancers and self-employed are entitled to possess a five-year Green Residence visa, and they don’t require the backing of any sponsor from the UAE for the same. But this category of professionals needs to hold a bachelor’s degree or specialised diploma and should prove that they have generated revenue of at least AED 360,000 (approx. Rs 75 lakh) in the last two years.
Lastly,
These changes apart, the fresh provisions have also turned UAE visas very family-friendly, enabling the applicants to plan for the long-term in the country. Even the age limit for children has been increased to 25 years from 18 years previously and there are no age-related restrictions as far as unmarried daughters are concerned. So, it is very much evident how the new changes in the golden visa scheme have become more advantageous for investors, professionals and entrepreneurs.
