The UAE’s prestigious Golden Visa is witnessing a spike in demand since its unveiling a couple of years back. There is nothing astonishing regarding the same as the long-term residence permit provides a sense of stability to professionals and businessmen.
The 10-year residency permit was introduced in 2019 and since then it has undergone some tweaks to include a new category of investors and professionals.
Off late, the UAE even brought down the minimum salary criteria to obtain Golden Visa eligibility to Dh30,000 from Dh50,000 a month, in a bid to bring in some more highly skilled individuals to the country.
As per a media report, the General Directorate of Residency and Foreigners Affairs (GDRFA) in the Dubai emirate sanctioned close to 80,000 Golden Visas in 2022 to skilled professionals, entrepreneurs and investors, a 69 percent jump from 2021.
What If You Lose Your Job?
But, recently there were certain doubts among residents regarding the Golden Visa. The most prominent among them was whether the visa validity is tied to jobs in the UAE or not.
To put it simply, will the Golden Visa get cancelled in the event of retrenchment or job loss?
However, the fears were allayed later on when authorities themselves clarified that the Golden Visa holders are not being financially backed by any company in the UAE and hence losing a job won’t force people to exit the country in a stipulated time. People can remain in the UAE as long as the Golden Visa is valid, regardless of their professional status.
Since the launch of the visa, there have been several queries from investors regarding the long-term stay permit. It won’t be an exaggeration to say that there is a frenzy among business owners around the world to relocate to the country after the introduction of the Golden Visa.
Also, recruiters have expressed optimism that the visa will immensely benefit the UAE economy, as it can drive high-net-worth individuals and talented people across the globe to the country in large numbers.