UAE is a country that has grown tremendously in a span of 50 years. Today, the country is one of the most sought out Middle Eastern countries by foreign investors, entrepreneurs and expats looking for a better lifestyle. The country offers excellent opportunities for those who look forward to start their business and build their empire, especially in Dubai.
With the recent introduction of the Gold Card Residency Scheme, foreign business leaders and eminent personalities who have a base in the UAE are being recognized for their years of service. More than 400 investors and businessmen have been granted the Golden visa since the launch of the program which has helped in popularizing the program. Under this scheme, expat investors are allowed to reside for longer periods in the UAE. Some of the long-time residents and foreign investors who have contributed to the country’s development are being rewarded with the help of this program, for their continuing loyalty toward the country.
But what does this mean for Dubai’s business economy? Let’s examine the facts-
Does UAE have a permanent residency visa?
The UAE government typically does not grant a permanent residency visa to foreign businessmen and investors. Generally, they are granted a 10-year visa which has to be renewed as necessary to keep their investment and businesses running. However, the Golden visa provides these individuals with a unique opportunity to enjoy the benefits of a nearly permanent residency in the UAE.
Unlike before, these eminent figures are given the assurance to continue as long term residents through simple visa renewal procedures without the added terms and conditions that existed before. With the Golden card, the visa holders can enjoy complete freedom to travel in and out of the country without restrictions and are not required to travel back to UAE every six months.
How does it impact the business economy?
Although the UAE government has been in attracting and encouraging foreign investments into the country even before the scheme was introduced, will boost the country’s position as an investor-friendly business ecosystem. The scheme will surely bring in more long term business development plans, drawing in new and vibrant talent in the process, to start their businesses in the UAE.
While the Golden visa is given to veteran businessmen as a token of appreciation for their long term commitment towards the UAE, the underlying thought behind this scheme is to influence the younger generation of other skilled individuals and entrepreneurs to start their business and invest in the country.
Business strategists and analysts have applauded the timing of this scheme, as the country is all set to devise the many rules and regulations that improve the efficiency of business operations. The launch of the Golden visa has given a confidence boost to foreign investors, which is vital for the country’s future development plans. In short, this visa program will surely assist the nation to retain talent while attracting new ones, thereby maintaining an active investor base.
For all your queries regarding the subject, contact us at +9714 311 6547 or email at firstname.lastname@example.org.