The government has attempted to make the new visas more family-friendly, allowing aspirants to plan better their long-term future in the UAE. The UAE Golden Visa program, which was introduced about two years ago, was an instant success, particularly among Indians looking to establish a base in Dubai.
But now, the recent additions make it even more enticing, encouraging that many more people will be able to realize their dream of living a lavish lifestyle in Dubai.
While there have been many changes in multiple categories, we will concentrate on changes affecting investors, entrepreneurs, and professionals in this section.
Golden Residence for Real Estate Investors
The very first massive change is a reduction in real estate investment size - the investment amount has now been diminished to AED 2 million (approx. Rs 4.2 crore) from 5 million (Rs 10.4 crore) previously, although the visa period has been extended to 10 years from five years previously. Another major difference is that the investor is no longer required to visit the country every six months. This provision has the potential to be game-changing, particularly for property investors.
As a result, if you purchase a property in the UAE worth AED 2 million or even more, you can now obtain a 10-year residence visa for yourself and your family. It is important to note that in the case of the death of the original holder of the Golden Visa, family members may remain in the UAE until the expiration of their golden visa.
Golden Residence for Entrepreneurs/Investors
Entrepreneurs/investors can also obtain a 10-year residence visa under the new regulations by making an investment in a start-up in the UAE. However, there are two prerequisites for obtaining this visa. One, the start-up must be required to register in the UAE as a small and medium enterprise (SME) with a minimum annual revenue of AED 1 million (approx. Rs 2.1 crore). Second, the startup concept must be authorized by an official business incubator, the Ministry of Economy, or the appropriate local authorities.
Likewise, if a successful start-up business or project's founders or co-founders have sold their company for AED 7 million or more, they can apply for a Golden Residence visa (approx. Rs 14.5 crore).
Green Residence for Entrepreneurs
A Green Residence visa for five years can also be obtained by investing AED 500,000 (approx. Rs 1.05 crore) in a new or existing business. Earlier, this visa was only valid for 2 years.
Green Residence for Freelancers and Self-Employed Individuals
So under new regulations, freelancers and self-employed individuals can also obtain a five-year Green Residence visa without the need for a sponsor from the UAE. The only requirements are that you should have a bachelor's degree or specialized diploma and that you have earned at least AED 360,000 (approx. Rs 75 lakh) in the past two years.
The recent changes furthermore make visas quite family-friendly, allowing aspirants to plan better their long-term future in the UAE. The sponsorship age for children has been lifted from 18 to 25 years, with no age limit for unmarried daughters. The most major change in this regard is that the death of the primary visa holder has no effect on the status of other family members, who can remain in the UAE until the visa expires.
As a result of the new changes, it will be simpler for investors, entrepreneurs, and professionals to consider moving to the UAE, trying to attract money and talent while also boosting the economy.