Key features of UAE’s Golden Visa programme that’s attracting India’s richie rich

About 4300 Indian millionaires are likely to leave their home country in 2024 and a majority of them are trying to settle in the UAE according to a June report by investment migration consultancy firm Henley & Partners.

The visa regulations of UAE are a major factor why the Premium rich see it as the best option when leaving their home countries. The United Arab Emirates is made of 7 emirates / states, comprising Dubai, Abu Dhabi, Fujairah, Ajman, Ras Al Khaimah, Sharjah and Umm Al Quwain. Anyone who has a Golden Visa in the UAE can reside, work and make investments in any of these 7 states / emirates.

Key Features of the Golden Visa Programme;

Here are the key features of the UAE Golden Visa Programme given below, according to the official UAE Government portal. 

• The visa grants a long term residence permit without a local sponsor.

• Visa holders can enter and leave the state with ease.

• The visa promotes an atmosphere favourable to both professional and entrepreneurial growth by allocating complete business ownership and the ability to select employers.

• The visa allows sponsorship of family members and domestic workers. Visa holders can sponsor one or more family members as well as domestic workers.

Eligibility;

A person applying for a golden visa should clear a few eligibility criterias. The criterias are as follows;

Investors in Public Investments;

If you invest in an investment fund the visa period may be granted up to 10 years without a sponsor but subject to some rules that follows;

• Submission of a letter from an investment fund accredited to UAE stating that the investor has deposited AED 2 million.
• The investor should have a valid commercial or industrial licence and a memorandum of association. 
• He or she should also have a submission of a letter from the federal tax authority stating that the investor pays a government tax of no less than AED 250,000.

The invested capital should not be a loan and must have 100% ownership of the investor.

Additionally he/she should have medical insurance proof of himself or herself along with his/her family.

Real Estate Owners;

If an investor owns a property or a group of properties that have at least a value of AED 2 million then he can get a Golden visa of up to 5 years. The property can be bought by loan money approved by the authorised Government authorities.

Entrepreneurs;

If the person is an entrepreneur then he can get a period of up to 5 years of approval for a Golden Visa. He/she must be doing or having an idea of future nature or technical nature based  on innovation and risk. 

Directors of companies can get up to 5 to 10 years of Golden visa approval subject to some requirements that they have to fulfil like a valid work contract and a minimum salary of AED 50000 along with 5 years of previous experience. 

Creative personnels can also get Golden visas along with exceptional students and people of extraordinary talents.