Investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers and frontline heroes are among those eligible for the Golden Visa
The United Arab Emirates, the Gulf nation that wealthy Indians still love to visit for shopping and fun, has eased its visa standards, making it easier for foreigners to buy property and live there with “exclusive benefits”. Previously, expats could only live in the UAE if they had an Emirati sponsor.
The new rules, introduced in April 2022, relate in particular to the UAE’s highly sought-after Golden Visa, involving its entry permits and long-term residency for expatriates. The rules officially come into play in September.
What has changed for Golden Visa holders?
In addition to being allowed to reside in the UAE for 10 years, Golden Visa holders can now avail of a list of additional new benefits. They can now sponsor family members, including spouse and children, regardless of age, and sponsor unlimited support services such as housekeepers. The visa, which can also be used as an entry visa for six months, can be renewed upon expiration.
Those who hold the Golden Visa can stay in the UAE without the support of a sponsor or employer. There are no restrictions on the maximum length of stay outside the UAE in order to maintain the validity of the Golden Residence. Previously, visa holders had to return to the UAE every six months if traveling abroad, but this rule has been removed.
In the event of the death of the original Golden Residence visa holder, their family members can now remain in the UAE until the permit expires.
Read also : Mohanlal, the latest Indian celebrity to get the UAE Golden Visa. What are the criteria?
It’s raining discounts for Golden Visa holders
The UAE has dangled some additional incentives for expats. He announced that Golden Visa holders will also receive an exclusive government-issued discount card called Esaad card. This was previously available to some government employees. It gives Golden Visa holders exclusive access to offers and discounts on the purchase of cars, reduced premiums on health, insurance plans and offers on meals, stays and spa treatments.
Who is eligible to own a UAE golden visa?
Investors, entrepreneurs, scientists, outstanding students and graduates, humanitarian pioneers and frontline heroes are among those eligible for the Golden Visa.
You can hope to own a dream home in glitzy Dubai (which, by the way, is a favorite of Bollywood stars), if you have a minimum monthly salary of AED 50,000 or a fixed deposit of AED 2 million AED in a local bank for two years.
Or, if you own a property in the UAE worth AED 2 million (about ₹4.2 crore). This limit was lowered by AED 5 million or ₹10.4 crore. If the owned property is on loan, you may be eligible for a visa if you hold at least AED 2 million worth of the property.
If you have served as a director, CEO or chair of a board of directors for four years, you are eligible. Scientists and researchers with high achievements and influence in their respective fields can obtain the Golden Visa based on a recommendation from the Emirates Scientists Council. Professionals, outstanding students, humanitarian pioneers, frontline heroes are also eligible.
Additionally, entrepreneurs/investors can also obtain a 10-year residency visa by investing in a startup in the UAE under the new laws.
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Indians very interested
After the UAE relaxed its rules, Dubai saw a 60% increase in property sales in the first half of 2022, compared to 2021. Over 43,000 units were sold in the first half of 2022, according to DXBinteract.com .
Indians seem to be most drawn to the golden dreams of the United Arab Emirates. Already, the UAE government has handed out golden visas to prominent movie stars like Mohanlal, Kamal Haasan, Tovino Thomas, Trisha and Parthieban. Clearly one way to get the Golden Visa is to buy property in the Gulf nation. A prospect that has been made more attractive, buyers not having to pay capital gains tax.
Many Indian brokerage firms have also started organizing real estate exhibitions for Indians wishing to invest in Dubai, according to media reports. Most of the inquiries that real estate advisors receive at expos are from Indians who want to stay in Dubai by investing in a property. Despite high interest rates, June was the best month for real estate transactions in Dubai in 2022 with 9,000 transactions, according to DXBinteract.com.you