What is the New UAE Golden Visa Update?
The UAE has never concealed the fact that immigrating to its territory is a rather complex challenge. A sponsor is still required for many types of visas, though the UAE has relaxed this requirement for its Golden Visa program, enabling prospective expats and investors to move to the country without a job.
However, the August 2024 update toughens the Golden Visa eligibility requirements. Going forward, new applicants need a basic monthly salary of AED 30,000, around USD 8,200. You may wonder: how is this any different from what was already established?
The update restricts this minimum threshold. Before, the AED 30,000 could be made up of several components, including, for example, allowances or bonuses for housing and for transportation.
Now, though, the monthly salary must strictly be AED 30,000, excluding allowances or bonuses. This decision reflects the UAE’s desire to draw in highly skilled individuals, global talent, and high net-worth individuals – all to put the country at the forefront of the global economy.
Is the UAE Golden Visa Still a Reliable Option?
The Golden Visa is and always has been an economic tool for the UAE to entice global talent, highly skilled people, and high net-worth individuals to come and establish themselves in the country. In return, applicants gain long-term UAE Residency, for up to 10 years, depending on their choice of visa, plus a series of other benefits.
This update only further reflects the UAE’s desire for the best, as excluding certain components from the monthly Emirati salary cuts a significant chunk of applicants from the eligibility pool. With this new restriction in place, the UAE hopes to attract applicants who become long-term residents and key players in actively and significantly contributing to the country’s economy. In reducing possible applicants from the eligibility pool, the UAE also has more time to carefully analyze and determine if a candidate is viable, adding in a whole new layer of transparency, security, and clarity to the Golden Visa application.
This update should then be seen as an opportunity, rather than a restriction. As the UAE becomes even more exclusive, there will be more demand for the UAE Golden Visa. According to the Khaleej Times, Dubai alone has issued more than 150,000 Golden Visas since 2019.
With so much interest in the program, it is only a matter of time until the AED 2 million minimum threshold (around USD $545,000) increases, further boosting the appeal of the Emirati Real Estate market – something that could happen with the greater integration and expansion of the Gulf Cooperation Council (GCC), and the creation of a Schengen-like space for GCC citizens.
Investment Visa: Unlocking Your UAE Golden Visa
Tired of always having to get a visa to enter another country? Maybe you are looking to secure a Plan B, or just browsing your options for a life overseas, and you do not know quite where to start. Wherever your situation, we have you covered at Investment Visa.
We bring you decades of experience in the investment immigration industry, and we offer you personalized guidance through every step of the way. With us, you can rest assured that we understand that your situation is unique, and that it deserves the utmost care and time.
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When you invest with us in a residency or a citizenship program, you not only invest in a team that is deeply committed to your success, but also in yourself, and in your own and your family’s future. Unlock your brighter future with Investment Visa!
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