Want to know more about the new investor visa rules in the U.A.E.? Continue reading for more.
The U.A.E. has always strived to attract foreign investors due to which, the country recently came up with golden and silver visa programs around 2 years ago. This new program received a worldwide recognition that matched the country’s expectations and allowed people long-term residency in the country which before, was an obstruction for investors, entrepreneurs and people with special skills. Many people from all over the world took advantage of this opportunity and made the UAE, particularly Dubai, their second home. Following the implementation of the golden and silver investor visa programs, there was a significant increase in foreign investment in the UAE. This reform benefited many sectors, including the real estate market. The government has made additional changes to its visa policies in order to make the investor visa in Dubai and throughout the UAE more accessible to investors. Consider the following changes to the investor visa policies:
Real Estate Investors Can Get a Golden Visa
- Previously, the main requirement for obtaining an investor visa was that the applicant make an investment of AED 5 million in the country. It is now reduced to AED 2 million. This significant reduction will entice a large number of investors.
- The investor visa’s duration has also been increased from five to ten years.
- Applicants for the investor visa are no longer required to return to the UAE every six months. This clause is extremely beneficial to foreign investors.
Simply put, if you buy a property worth AED 2 million or more in Dubai or anywhere in the UAE, you will be eligible for the 10-year investor visa program. In addition, your family will be eligible for a 10-year residency in the UAE. Furthermore, if the original holder of the investor visa dies, their family members can remain in the UAE until the visa term expires.
Other visa programs, in addition to the investor visa, have undergone changes. Let us take a look at them:
- Start-up Entrepreneurs/Investors
Entrepreneurs can obtain a golden visa by investing in a start-up, according to the new visa rules. To obtain this visa, they must fulfill three requirements. These are some examples:
In the UAE, the start-up must be registered under the SME category.
It should generate at least AED 1 million in revenue.
The startup’s concept must be approved by one of these:
- The Ministry of economy
- An authorized business incubator
- Local authorities
Apart from entrepreneurs, founders/co-founders of a successful start-up who have sold their company for AED 7 million or more are also eligible to apply for this visa.
- Green residence for entrepreneurs
You can also apply for a green residence visa as an entrepreneur if you invest AED 500,000. Previously, it was only valid for two years. However, after the new rules are implemented, it will be valid for another 5 years. You can invest in either a new or existing business in the UAE.
- Green Residence for Freelancers & Self-employed
The UAE government also allows self-employed and freelancers to obtain a five-year green residence visa. This visa does not require a sponsor from the host country. They must, however, meet the following requirements:
- A specialized diploma or bachelor’s degree is required.
- In the previous two years, they must have earned at least AED 360,000.
– Effects of Changes to Investor Visa and Other Visas in the UAE
As previously stated, the new visa changes are intended to attract more investment while also making it easier for people to make the UAE their second home. This enables investors, professionals, and entrepreneurs to plan their long-term futures in the country with ease.
The age of children eligible to be sponsored has also been changed as a result of the new changes. Previously, children up to the age of 25 could be sponsored. Furthermore, there is no age limit for unmarried daughters’ sponsorship.
These changes will go into effect in September 2022.