Investing in the UAE may soon become easier and more attractive for foreign businessmen. The reason is that the UAE government is considering launching a Golden Visa program for investors from other countries.
The news was revealed by a representative of GDRFA (the General of the General Directorate of Residency and Foreign Affairs), who shared in a recent interview that the government was currently discussing a Golden Visa proposal. According to him, the new visas will be implemented by the country’s Ministry of Interior at the federal level. The main purpose of the Golden Visas will be to offer UAE guests more flexible options and future opportunities.
But what is a “Golden Visa?” This is actually a special type of visa issued particularly for businessmen and investors. Over the last few years, Golden Visas are gaining popularity in many European countries, among which are the United Kingdom, Greece, Portugal and Cyprus. Through these visas, foreign investors are able to obtain a temporary residency in a country. Usually, in order an investor to get a Golden Visa, he or she has to make a minimal qualifying investment, transfer a large amount of capital or a company or create a minimum qualifying job positions in the country in question.
There are no details yet about UAE’s Golden Visa conditions and requirements. Also, costs and duration of the visas remain unknown for now. However, judging by the practice in EU countries, the minimum qualifying investment would probably involve a substantial amount of money. For instance, in Greece its starts at €150,000 and in the U.K. the minimal investment is £1 million.
The duration of Golden Visas also vary from country to country. In Portugal, it is only one year, whereas in Spain and Greece it reaches up to 5 years. However, in most of the cases, Golden Visas can be renewed for additional one or more years.
Golden Visa programs are effective tools for attracting foreign investors. For example, Portugal managed to accumulate over €440 million from these visas in less than two years. Given the fact that UAE-based companies are looking to increase foreign direct investment, the Golden Visa will offer benefits not only to foreign businessmen, but also to the local economy.