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UAE Golden Visa: benefits, advantages and disadvantages in 2024

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UAE

The United Arab Emirates Golden Visa programme has emerged as a coveted residency option, attracting global investors, entrepreneurs, skilled professionals, and talented individuals. The programme offers great opportunities to its holders, allowing them to conduct business, receive local high-end healthcare, and engage in banking activities in the Emirates.

Who is eligible to apply for the UAE Golden Visa

Introduced to stimulate economic growth and diversification, the program offers a range of benefits to a wide range of foreign nationals, including:

  • UAE property owners;
  • Other investors in the economy of the UAE;
  • Business owners registered in the UAE;
  • Employees of local businesses
  • Students attending educational institutions in the country;
  • Financially independent retirees;
  • Freelancers and remote workers earning more than $4,084 per month.
  • Frontline workers;
  • Supporters of environmental action.

During 2023, the UAE issued 158,000 Golden Visas — more than during the entire period of 2019–2022, when 151,000 visas were issued.

The programme has no age or country of origin restrictions.

Once the Golden Visa has expired, its holder can renew the visa if the conditions under which it was granted remain. That is, if they are still running a business or owning property, etc.

Benefits of Golden Visa in UAE

Golden Visa holders are eligible to open financial accounts in UAE banks, obtain tax residency status, conduct business in the Emirates, and benefit from healthcare services.

  • Long-term residency. The Golden Visa grants eligible individuals and their families long-term residency in the UAE, providing stability and security for up to 10 years.
  • Business opportunities. Entrepreneurs and investors can capitalise on the UAE’s thriving business environment with access to new markets and opportunities.
  • Education and healthcare. Golden Visa holders enjoy access to world-class education and healthcare facilities for themselves and their families.
  • Real estate investment. Visa holders are often drawn to invest in the UAE’s booming real estate market, offering a chance for capital appreciation.
  • Global mobility. The UAE Golden Visa facilitates international travel, making it easier for individuals to apply for any other visas and move across borders for business or leisure.
  • Tax benefits. The UAE’s favourable tax environment, with no personal income tax, attracts those seeking to optimise their financial positions.

UAE Golden Visa advantages

As the number of Golden Visas issued and the categories available expand, we anticipate an increasing number of individuals relocating and legalising within the UAE.

  • Diverse eligibility criteria. The Golden Visa programme accommodates various professionals, including investors, entrepreneurs, skilled workers, and outstanding students, making it inclusive.
  • Family inclusion. The ability to include family members in the visa application enhances the appeal of the programme for those seeking a holistic relocation experience.
  • Renewable periods. Golden Visas are generally issued for extended periods and are renewable, providing a sense of stability for long-term planning.
  • Investment flexibility. Investors have flexibility in choosing where to allocate their capital, whether in real estate, business, or other qualifying investments.

Disadvantages of Golden Visa in UAE

  • Financial commitment. The financial requirements for obtaining a Golden Visa, such as a significant investment or business setup, might be a barrier for some individuals.

Nonetheless, the golden visa programme offers excellent opportunities to outstanding professionals, specialists, medical professionals, students, and environmentalists without imposing any investment requirements.

  • Strict regulatory compliance. Visa holders are required to adhere to certain regulations, and any violation could lead to the revocation of the Golden Visa.
  • Limited to specific sectors. Some sectors may be more accessible than others, potentially limiting options for those with expertise in industries not explicitly supported by the programme.

The UAE Golden Visa offers an array of benefits, making it an attractive option for individuals seeking long-term residency and business opportunities. However, potential applicants should carefully weigh the advantages and disadvantages, considering their personal and professional goals, before committing to the programme.

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