UAE Considers 10-Year Golden Visas to Lure Businesses

The United Arab Emirates (UAE) is exploring new ways to attract international businesses and investors. The government’s Economic Integration Committee recently discussed the possibility of introducing 10-year golden visas and 5-year silver licenses for businesses.

The groundbreaking initiative aims to stimulate economic growth, bolster government revenue, and foster sustained business continuity within the UAE’s flourishing commercial landscape.

10-Year Golden Visa/License For Business

Inspired by Bahrain’s golden license scheme, renowned for its capacity to attract monumental investments and spur job creation, the UAE is poised to emulate its success. The golden license program in Bahrain has already secured $2.4 billion in investments across nine major projects, creating an estimated 3,000 new jobs.

Also Read: UAE Golden Visa: Step-by-Step Guide to Applying for Six-Month Entry Permit

UAE’s Visa Reforms

The move to streamline the golden visa program not only enhances investor confidence but also fortifies market stability. By ushering in a wave of long-term investors and businesses, the UAE endeavours to shield its real estate market from volatility and sustain healthy growth trajectories.

This pivotal development not only bolsters the resilience of small and medium-sized enterprises (SMEs) but also fosters a conducive environment for long-term business sustainability.

Easier Golden Visas for Individuals

The UAE is actively streamlining its residency visa process. Earlier in 2024, they eliminated the minimum down payment requirement for property purchases under the Golden Visa program, making it easier for individuals to qualify.

This landmark decision aims to streamline the visa acquisition process, rendering it more accessible to aspiring residents and investors alike.

By eliminating the prerequisite of a Dh1 million down payment or 50% property value deposit, the UAE underscores its commitment to facilitating seamless residency acquisition.

Benefits for Businesses

Industry leaders believe that long-term business visas will be a major advantage. Raheel Ahmed, Group CEO of RAKBank, highlights the importance of stability for small and medium-sized enterprises (SMEs).

With a longer visa duration, businesses can operate with greater confidence and avoid disruptions caused by visa renewals. This, in turn, fosters a more positive business environment.

Also Read: Golden Visa: Get UAE Citizenship Without Any Investment

Conclusion

Overall, the UAE’s bold move to introduce long-term golden visas for business presents a win-win situation. Businesses gain the stability they need to thrive, while the UAE attracts valuable investments and strengthens its economy.