The UAE Cabinet, headed by Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister and Ruler of Dubai, approved a new set executive regulations of the Federal Decree-Law on Entry and Residence of Foreigners in order to strength the UAE’s position as an ideal destination to live, work, and invest back in April 2022.
Under the new executive regulations, the UAE Golden Visa will grant 10-year residence to investors, entrepreneurs, exceptional talents, scientists and professionals, outstanding students and graduates, humanitarian pioneers, and frontline heroes, who meet certain eligibility parameters.
The new set of executive regulations regarding the Golden Visa, entry permits and long-term residence for expats will officially be enforced in September 2022.
Primary benefits of the Golden Visa
In addition to securing their stay in the UAE for a period of 10 years, the new rules introduced in April will allow the Golden Visa holder to sponsor his/ her family members, including spouse and children regardless of their age, and to sponsor support services (domestic) labourers without limiting their number.
Furthermore, the restriction related to the maximum duration of stay outside the UAE in order to keep the Golden Residence valid has been removed.
There are other benefits for family members that allow them to stay in the UAE in the event of the death of the original holder of the Golden Residence until the end of their permit duration.
“The UAE, for many years, has been globally recognised and highly ranked as a progressive, inclusive, and stable economy and environment for businesses, talented individuals, and families to thrive,” Linda Fitz-Alan, the registrar and chief executive of ADGM Courts said.
“And now, with the latest enhancements to the UAE’s visa and Golden Visa programmes, the country’s position will be significantly bolstered.”
Recently, the UAE announced that Golden Visa holders will also receive an exclusive government-issued discount card.
The government-issued Esaad card, only previously available to select government employees, will give Golden Visa holders exclusive access to offers and discounts to thousands of businesses across 92 countries.
Here is an overview of the positive impact the latest Golden Visa announcement has had on various sectors in the region and how it will continue to benefit businesses and individuals:
- Benefits the Esaad card offers to Golden Visa and long-term Green Visa holders
- How the Golden Visa rules benefit students, families, and the business of education in the UAE
- How the new Golden Visa regulations benefit the UAE’s startup ecosystem
- New Golden Visa rules said to “have a positive ripple effect on the economy,”: expert
- How the Golden Visa rules will help the hospitality sector overcome the pandemic gloom
- How the new Golden Visa rules enable long-term financial planning
- How the new Golden Visa rules has spurred demand for Dubai’s real estate
- Golden Visa rules have changed the UAE’s talent supply and demand equation
- How the Golden Visa rules will help increase interest to work, live, and invest in the UAE
- Following the Golden Visa reforms, the UAE’s visa process ranked first for expats globally
Benefits the Esaad card offers to Golden Visa and long-term Green Visa holders
Holders of the UAE’s long-term Green and Golden Visas will be receiving the government-issued Esaad card, only previously available to select government employees, giving them exclusive access to offers and discounts to thousands of businesses across 92 countries.
Issued by the Dubai Police, the discount card provides benefits across several lifestyle options – as the move is in line with the emirate’s effort to improve the quality of life of its residents.
“This initiative supports the leadership’s vision to make Dubai the world’s best city to live in. It also aligns with their directives to provide Golden residency holders with a range of incentives in addition to the stability that the long-term visa offers,” Abdulla Mohammad Al Basti, secretary general of Dubai’s Executive Council, said in a statement.
Since its announcement of the long-term residency scheme, the UAE government has already issued around 65,000 Golden Visa – prioritising several professionals in select industries including investors, scientists, and doctors, as well as those in the creative industry.
The Golden Visa scheme plays a critical role in the country’s aim to attract top talent and investors from all over the world, as it aims to enhance its non-oil economy.
“The directive reflects the leadership’s vision to make the UAE a hub of innovation and a destination for innovators, creatives, and entrepreneurs to thrive. Long-term Golden Visas for select categories of residents offer them and their families the stability to succeed in an empowering environment,” Dubai Police’s Commander-in-chief Abdullah Khalifa Al Marri.
How the Golden Visa rules benefit students, families, and the business of education in the UAE
Academic institutions, students, families, as well as the business and state of education will improve considerably following the set of sweeping amendments made to long-term visa policies in the UAE, an expert told Arabian Business.
Under the new executive regulations, the UAE Golden Visa programme will grant 10-year residency to high-performing students in UAE secondary schools, and outstanding graduates from UAE universities, as well as students from the best 100 universities worldwide who meet specific elibility criteria.
The criteria includes submitting proof of cumulative average of their academic performance, the year of graduation, and the university classification.
“The new visa regime approved by the UAE Cabinet assures incredible flexibility to its beneficiaries. The updated visa structure enables educational institutions to shift the cost of securing visas for education away from the student and his/her family,” explained Danielle Butterworth, the executive director for Finance and Administration at the University of Wollongong in Dubai (UOWD).
“Such government initiatives not only positively impact the business of education here in the UAE, but also enhance the state of education in the country, attracting more foreign students than ever, and reaffirming the UAE’s pioneering role as an international education and knowledge hub.”
The positive policy reforms will further enable educational to facilitate uninterrupted education preventing students and their families from the hassle of re-applying or purchasing an alternative visa type.
Butterworth added: “The UAE Golden Visa expanded scheme will also incentivise students in UAE secondary schools and universities to aim for high performance. This will further fuel student interest and intake across universities, allowing educational institutions to attract and retain exceptional talent.”
The UAE Cabinet has also approved a special entry permit for those attending training and academic courses and/or participating in internship programmes.
The sponsor can be universities or educational or research institutions licensed in the country or government or private entities.
“Universities form the crux of UAE’s academic landscape and any policy reforms that impact entry and retention for students across universities, also increase the flexibility of the education market.
“The updated rules contribute to a more accessible academic environment. The visa overhaul places students and academics at the fore, building effectively on the competitiveness of the UAE as a pioneer in education,” Butterworth concluded.
How the new Golden Visa regulations benefit the UAE’s startup ecosystem
Entrepreneurs in the UAE hailed the new Golden Visa regulations as yet another “great move forward,” in strengthening the country’s startup ecosystem.
The new executive regulations, announced by the UAE Cabinet in April, set flexible requirements for entrepreneurs and startup owners to obtain the ten-year residency visa, making it easier to attract top talent and businesses to the country, industry stakeholders told Arabian Business.
“As a business owner, entrepreneur, employer, mother and long-term resident of the UAE, I fully welcome the broadening of the rules and ability for more people to be eligible. The UAE is an attractive place to do business, live and create amazing things,” said Kate Midttun, founder and CEO, Acorn Strategy and Abu Dhabi’s first female Golden Visa holder.
“Allowing access for more people to do that and have control over their journey and future through the Golden Visa programme is a great thing. The impact as a business is huge, forging a stronger talent pool and making the region much more competitive globally,” she continued.
Golden visa eligibility criteria for entrepreneurs include owning or being a partner in a UAE-registered startup that generates annual revenues of $272,250 (AED 1 million) and above, having approval from an official body for a startup idea or being a former founder of an entrepreneurial project that sold for not less than $1.9m (AED7m).
“These visa reforms make a lot of sense in the short to medium term. The UAE’s projected 4.2 percent growth for 2022 is no surprise given that researchers in the US found that entrepreneurs who started their business in a recession were more likely to thrive and innovate due to adversity giving them a greater hunger for success. And UAE stock markets are buoyant, money is pouring into later-stage venture capital, with VC funding reaching $2.6bn last year, 138 percent more than the funding in 2020,” said Ramesh Jagannathan, NYU Abu Dhabi Associate Dean of Engineering, and startAD managing director.
“The global consumer class will reach 5.2 billion people by 2030, out of which, over three billion of them will be in India, China, Africa referred to as the “ICA Corridor”. Given that the MENA is part of the ICA Corridor, there is an opportunity to ‘ride the wave’ of India and China’s global tech dominance by becoming dominant in the global entrepreneurial economic landscape.”
“There is a white space available for the UAE to walk into, with a good strategy and patient execution and, as such, the latest visa reforms are another vital ingredient to add to the recipe that will create a dominant MENA digital economy fit for the evolving 21st Century needs,” Jagannathan added.
The new rules will allow the Golden Visa holder to sponsor his/ her family members, including spouses and children regardless of their age.
“This is yet another great move forward from the UAE government in its efforts to attract entrepreneurs to the region and give them all the incentives to launch businesses that can go on to make valuable contributions to the economy of the UAE as well as the wider Middle East,” said Ryaan Sharif, general manager, Flat6Labs, a seed and early-stage venture capital firm.
“Obviously, there is still more to be done, however, every change to proactively assist entrepreneurs in moving to the UAE and putting down roots here helps us in attracting the top talent globally,” Sharif continued.
Under the new executive regulations, the UAE Golden Visa will grant 10-year residence to investors, entrepreneurs, exceptional talents, scientists and professionals, outstanding students and graduates, humanitarian pioneers, and frontline heroes, who meet certain eligibility parameters.
“This is great news all around for the startup ecosystem for both founders and Investors. It gives visibility and longevity to current and past founders, creates a fantastic environment for founders who want to become VCs (a growing trend) and sets up access to attract and retain a large and diversified talent pool,” said Derek Watson, founder and CEO of N2 Technology, a business focused on accelerating the funding process for startups and investors.
“It begs the question why would you want to be a startup or investor based anywhere else?” he added.
New Golden Visa rules said to “have a positive ripple effect on the economy,”: expert
On Monday, 18 April the UAE Cabinet announced a sweeping set of executive regulations that opened up the Golden Visas to more categories of professionals and skilled workers, and made the eligibility criteria a lot simpler.
“Most importantly, the visa reforms allow the UAE to attract the brightest and the best from the region and beyond. The aggregate gain of that in years to come will be invaluable,” Trevor McFarlane, the CEO of Emerging Markets Intelligence & Research (EMIR), said.
“As future unicorns are born and bred in the UAE, their roots will be traced to initiatives like the golden visa,” he added.
Entrepreneurs and startup owners in the UAE will be able to more easily obtain the UAE Golden Residence visa – a long-term 10-year UAE residency visa – under the set of new executive regulations revealed by the UAE Cabinet.
The new eligibility criteria for Golden Visa offer more flexible options for start-up owners and entrepreneurs to apply. Here is an overview of the eligibility criteria:
- Entrepreneurs should own or be a partner in a startup registered in the UAE under the small and medium enterprises (SMEs) category, and the registered startup must generate annual revenues of not less than $272,250 (AED 1 million).
- Entrepreneurs or startup owners who obtain approval for a startup idea from an official business incubator, from the Ministry of Economy, or from a competent local authority will be deemed eligible to obtain the Golden Residence in this category.
- Entrepreneurs who are founders – or one of the founders – of a previous entrepreneurial project(s) that was sold for a total of not less than $1.9 million (AED 7 million) will be entitled to the UAE Golden visa. For this category, the approval of the Ministry of Economy or competent local authorities will be required for projects or ideas.
McFarlane added: “Visa reforms, including the golden visa for startups, will help the UAE meet strategic goals, such as increasing the contribution of the digital economy to the UAE’s GDP from 9.7 percent to 19.4 percent within the next 10 years.”
The reforms, which were necessary for the UAE to achieve its goal of becoming a brain port for top talent, have been received very well be residents, visitors, and expat investors.
“Given that I run a network for regional CEOs, the government approached us early last year to offer certain CEOs Golden Visas. Having helped hundreds of our members gain the visa, I can safely say that these policies are very well received and will help retain some of the country’s most high achieving individuals in the UAE for years to come,” McFarlane concluded.
How the Golden Visa rules will help the hospitality sector overcome the pandemic gloom
Recently revealed amendments to the 10-year Golden Visa and five-year Green Residence visa programmes will bring commercial benefits to the UAE’s hospitality sector, which took a heaving beating in 2020 and 2021 due to the Covid-19 pandemic, an expert told Arabian Business.
The slew of recent executive regulations for UAE long-term visas revealed by the UAE Cabinet on 18 April, have now made the criteria for eligibility a lot simpler to understand, while the application process is smoother.
Additionally, the benefits of obtaining a long-term visa have increased – with a special focus on attracting investors, tourists, and skilled workers to the UAE’s shores – which has already begun to positively impact the UAE hospitality industry.
The general manager of Dubai’s Al Jaddaf Rotana, Haytham Omar, explained: “The Covid-19 pandemic caused significant business destruction to the hospitality industry. Expo 2020 Dubai accelerated the hospitality industry’s recovery from the pandemic.
“The new visa regulations have now helped the industry rise by providing a major boost in investor interest from across the world, which in turn is leading to high occupancy rates due to international visitors.”
Apart from investors, the hotel and F&B sectors will also benefit from increased tourism due to the introduction of a five-year multiple-entry tourist visa.
Unlike the regular tourist visa, this visa does not require a guarantor or sponsor within the UAE and allows visitors to stay in the country up to 90 continuous days.
Furthermore, the multiple-entry visa may be extended for a similar period, provided that the entire period of stay does not exceed 180 days in one year.
Omar added: “Hotels will also witness increased bookings for stay, dining, and use of amenities as the new visas offer more flexibility, leading to increased demand. The new rules have instilled a great sense of confidence for expats to stay longer and make personal investments in the UAE.”
Also, rather than hiring employees and skilled workers who stay in the UAE for a few years and leave, the new visa rules will help retain talent as more and more people are beginning to view the UAE as a long-term option to work and live.
“The new system of residence aims at attracting and retaining global talents and skilled workers from all over the world. It will foster a high sense of stability among UAE residents and families. It will also help attract and retain highly talented employees in the hospitality and F&B industry,” Omar concluded.
How the new Golden Visa rules enable long-term financial planning
To help attract and retain top talent across numerous sectors, the UAE Cabinet recently amended its Golden Visa programme to include professionals from more diverse fields and ease the eligibility criteria.
This programme allows investors, entrepreneurs, startup owners, professionals, and exceptionally talented individuals to apply for long-term residency – for up to 10 years with the option of renewal – to live, work, or invest in one of the most cosmopolitan nations around the world. With a Golden Visa, expats can forego the need of a national sponsor and maintain 100 percent ownership of their businesses on the UAE mainland.
Commenting on the new executive regulations on the long-term residence visa, Roberto Croci, the managing director of Microsoft for Startups – Middle East, Turkey, and Pakistan, said: “The UAE showed a superb management of Covid with open borders, high vaccination rates, and its business-friendly regime. In this context, the Golden Visa can play a critical role in empowering more entrepreneurs to build their business from the UAE at a time where more global players like Sequoia Capital India and Softbank start looking seriously at the region and eventually undertake deals.”
The emergence of many technical startups and big companies looking to invest in Dubai and establish their headquarters in the emirate has also led to an increase in demand for technical skilled labour in the past years.
“Over the past few years, the UAE has positioned itself as an essential business hub connecting the Middle East to the world. Due to its dynamic and robust economy, it has become a destination of choice for business people and wealthy individuals seeking financial success,” Croci added.
“There is also a strong push by the UAE for new-age technologies such as machine learning, artificial intelligence, automation, and e-commerce.”
Innovation, entrepreneurship, and advanced industries remain a clear focus for the UAE as part of its plan to create a diversified knowledge-based economy in line with the UAE Centennial Plan 2071. With this active policy intervention the UAE can emerge as the tech hub of the Arab world with an ambition of becoming home to 20 tech companies worth $1 billion or more by 2031.
“The Golden Visa allow entrepreneurs and technology investors to live in the country for up to 10 years, longer than regular visas, with long-term financial planning and the opportunity to consider the UAE as home.
“The Golden Visa clearly shows how progressive the UAE is when it comes to supporting the entrepreneurial ecosystem. Exciting times ahead for the UAE and its startup ecosystem,” Croci concluded.
How the new Golden Visa rules has spurred demand for Dubai’s real estate
Recent updates to the UAE’s Golden Visa regulations have a positive impact on many sectors, including Dubai’s real estate said, Madhav Dhar, Co-founder and COO, ZāZEN Properties.
Dhar credits the recent updates to the ten-year residency, along with the successful coronavirus response that the UAE exhibited, for the significant recent boom in Dubai’s property market.
In an exclusive interview with Arabian Business, Dhar also discusses the importance of sustainable real estate.
What is your outlook on the future of real estate in Dubai?
The near future of the real estate market in Dubai looks strong, and we have witnessed the continuous growth of this sector over the last couple of years. This is because the world acknowledged and witnessed the UAE government’s response and management of the pandemic, the excellent work of the entire healthcare industry, the successful vaccination drive and how every citizen and resident positively contributed to the betterment of the UAE community.
The recently announced updated UAE Golden Visa regulations are a great initiative that will spur investment into real estate even more, especially with the flexibility that these new rules have to offer, providing residents with a strong reason to invest in the country long term and allowing non-residents to make UAE their second home.
What do you think is driving current market demand?
I believe that the biggest factor behind the continuously increasing market demand besides the UAE being one of the most ideal destinations to live and work in, are the initiatives set in place by the UAE government, like the expansion of the Golden Visa regulations. Demand from overseas buyers is still strong and coupled with improved affordability the market will continue to improve.
Dubai is also positioned as the only major global city to stay mostly restriction-free beyond 2021 and will ultimately benefit from any crisis within the region and beyond. The UAE, which has strong ties with Russia, has not imposed sanctions for its invasion of Ukraine, like other nations. And as long as money flows in through legal banking channels, Russian nationals will also push demand.
Dubai’s property market has been on an upward trajectory for the past year with the city’s residential market recording more than 52,000 apartments and villa real estate transactions in 2021, totalling $31bn (AED 114.2bn), more than the total for 2019 and 2020 combined.
Changes in residency requirements in Dubai have had a significant positive impact on the real estate market in the last two years. The announcement is a further step in opening up Dubai to foreign investors and will likely lead to a significant influx in buyers, bolstering an already active market, said Andrew Cummings, partner – head of prime residential at Knight Frank Middle East.
Golden Visa rules have changed the UAE’s talent supply and demand equation
The pandemic has brought about unprecedented changes to workforce dynamics by allowing most employers in the technology industry, both in the UAE and beyond, to double down on a “talent-first” approach to hiring, says Ayman Kattan, Chief People Officer at Bayzat.
As it turned out, being forced to adapt to a new reality and rapidly transitioning into the remote work paradigm, was a silver lining to what was otherwise an extremely challenging time for humanity.
The pandemic however has brought about unprecedented changes to workforce dynamics by allowing most employers in the technology industry, both in the UAE and beyond, to double down on a “talent-first” approach to hiring.
As it turned out, being forced to adapt to a new reality and rapidly transitioning into the remote work paradigm, was a silver lining to what was otherwise an extremely challenging time for humanity.
The emergence of innovative and disruptive services such as Employers of Record (EoR) and Outsourcing solutions has created something of a “decentralisation of talent” and “free for all” effect on the talent landscape.
While this new reality has presented number of obvious positives for both talent and employers, it has come with some hefty costs.
Today, professionals can still enjoy the perks of working with Dubai-based employers and serving the local market, while operating out of the luxury of their own homes, which thanks to technology, could be anywhere in the world.
The hassle, costs, and time it takes to acquire a visa is simply not worth it anymore, be it for a job or to set up shop.
A quick change was therefore needed for the UAE to continue to flourish and remain a top tier business destination and once again the UAE’s government has demonstrated its incredible vision and foresight.
It was announced earlier this year that one of the key objectives of Dubai’s Chamber of Digital Economy is to attract 300 digital startups to Dubai within two years.
Such an ambitious objective would undoubtedly require rapid enhancements and changes to laws and policies.
To see immediate reforms to the visa system in the UAE, is just a testament to the country’s agility and ability to adapt to the new world we now live in.
With these visa reforms, we should expect to see a substantial increase of both supply and demand in the job market, which will go a long way in putting things that have been disrupted by the pandemic back into a state of equilibrium.
For businesses, this presents a momentous opportunity. But employees will need to be mindful that this can represent a change in the competitive landscape.
Overnight, UAE-based employees will no longer be competing with just their domestic counterparts, but with the expected influx of top global talent.
Moreover, for UAE-based organisations to capitalise on the influx of talent, the truth is, whatever worked up until this point, won’t work tomorrow.
Now is the time for these companies to invest in retention schemes for top performers, and to review things like their EVP (employee value proposition), wellbeing initiatives and employee benefits.
Otherwise, they will face the very real threat of their top talent, and the top talent in the resource pool, being snatched up quite quickly.
I also reckon that companies that haven’t invested in talent development and those that aren’t constantly up-skilling their people, are not going to be able to remain competitive in this new market that is being rapidly reformed and transformed.
This is a great time to be living and working in the UAE but just as the UAE government has been quick to adapt, it is imperative that UAE businesses and employees do too.
— Ayman Kattan, Chief People Officer at Bayzat
How the Golden Visa rules will help increase interest to work, live, and invest in the UAE
Interest to work, live, and invest in the UAE will increase as the latest slew of executive regulations on the 10-year Golden Visa and 5-year Green Residence is expected to “significantly bolster the UAE as a preferred destination,” Linda Fitz-Alan, the registrar and chief executive of ADGM Courts, told Arabian Business.
On 18 April 2022, the UAE Cabinet – led by Sheikh Mohammed bin Rashid Al Maktoum, the Vice President, Prime Minister, and Ruler of Dubai – revealed a sweeping set of amendments for long-term UAE visas in order to attract and retain top talent in the country.
While on one hand, the new executive regulations widen the eligibility criteria to apply for long-term visas, on the other hand, it also widens the number of individuals – in various categories, professions, and roles – who can apply for the long-term visas.
“The UAE, for many years, has been globally recognised and highly ranked as a progressive, inclusive, and stable economy and environment for businesses, talented individuals, and families to thrive,” Linda Fitz-Alan said.
“And now, with the latest enhancements to the UAE’s visa and Golden Visa programmes, the country’s position will be significantly bolstered.”
The UAE Golden Visa residency programme, which was first implemented in 2019, enabled expats to live, work, and study in the UAE without the need of a national sponsor and with 100 percent ownership of their business on the UAE’s mainland.
With the new rules, the criteria to apply for the 10-year visas have now been relaxed, making it easier for investors, start-up owners, and highly skilled professionals to call the UAE their home.
Fitz-Alan added: “The enhanced UAE visa system is a much welcomed initiative, particularly for Abu Dhabi Global Market as an international financial centre and global business hub.
“We encourage investors, innovators, entrepreneurs and professionals to establish their presence in Abu Dhabi and achieve their ambitious plans and goals. Together, we will build a more prosperous, innovative, and sustainable future for the UAE.”
Fitz-Alan, who has been granted a Golden Visa by the UAE government, concluded: “I am extremely honoured to have received a Golden Visa and will continue to contribute in any way possible, not only to the highly progressive judicial and legal sectors of the UAE in support of the exponential growth of the Abu Dhabi and UAE economies, but also to the cohesion of the community.”
Following the Golden Visa reforms, the UAE’s visa process ranked first for expats globally
Expat-majority UAE is the sixth-best country in the world for foreign residents, a new survey revealed, with the ease of getting a visa as one of the major factors.
The new InterNations survey showed that 83 percent of respondents praised the UAE’s visa regulation, ranking first in this factor when compared to only 56 percent globally.
Three in five expats have no problem dealing with local bureaucracy, the survey revealed, with expats also praising how government services are widely available online.
The survey comes as the UAE aims to attract thousands of foreign workers and become a global hub for talent. It has done so by significantly reforming its visa regulations, making it easier for expats to obtain work permits, as well as long-term residency visas.
Home to millions of expats from hundreds of different nationalities, the UAE uses English widely, adding to the “ease of living” factor for expats. Around 85 percent agree that it’s easy to live in the UAE without speaking Arabic, compared to 51 percent globally.
Digitally advanced, safe, and great social activities
According to the survey published on Tuesday, around 87 percent of expats also find it easy to get high-speed internet access at home, while 90 percent praised the prevalence of digital payments instead of using cash.
The UAE also scored high on the survey’s Quality of Life Index – with expats particularly pointing out the vast array of leisure options available across the country. Around 86 percent of expats enjoy culinary variety and dining options, comparted to a global average of 77 percent. Culture and nightlife across the country was also a big factor, the survey showed.
Nearly all surveyed expats in the country said the UAE is safe, and around 86 percent are “very satisfied” with its political stability. Around 78 percent said healthcare services are easy to access, but only 56 percent found healthcare affordable.
Great place to work
In terms of working environment and the job market, the UAE placed third in the survey’s Working Abroad Index. About four in five expats feel that moving to the country has improved their career prospects, compared to 60 percent globally.
Around 65 percent said they are happy with their personal career opportunities and the local job market, the survey showed.
Follow us on
