In the article below, we will try to know more nitty-gritty details about the Golden residency visa. Many have been waiting for such opportunities to stay in Dubai and do business as we all know that Dubai doesn’t allow naturalization by birth to non-residents of Dubai.
This is a welcome step where it allows people to get this non-permanent 10 years Golden residency Visa, which means it has to be renewed every 10 years. This initiative has been taken up By Dubai to increase the investment in the countries from different business sectors and also to attract highly skilled people and to make it a knowledge powerhouse. This program can also be viewed as a way to get passport by investment Dubai. Such an initiative has increased trust and faith among non-residents that this country cares for their contributions and does not alienate them.
We all knew the success of Dubai is due to its huge oil production and exports of oil and petroleum to different countries. But it has realized only relying on this industry will not be sufficient, as many countries are moving away from non- renewable energies to different renewable energies, and soon, their dependency on oil will decrease gradually. This will hit the revenue margins of UAE very strongly.
Who Launched This Program?
Sheikh Mohammed bin Rashid, ruler and prime minister of Dubai.
How This Program Helped?
With the announcement of this Golden visa, many individuals and businesses invested in Dubai, which summed up to Dh100 billion within a short span of time.
Who Can Apply?
- Any company who can invest up to Dh10 million fully funded by themselves and not by loan and also having insured himself and family.
- Executive earning salary more than Dh30000 holding a bachelor’s degree and 5 years of work experience and should have health insurance for himself and his/her dependencies.
- Scientist with tremendous contributions in research and development.
- People with Patent rights.
- Top-notch professors from well-known universities.
To know more check it here.
How Will Dubai Benefit from This Program?
- Real estates will bloom again.
- Tourism has been one of the huge contributors to the countries revenue system. This move will further increase the revenue generated from this industry.
- Jobs: Increased employment.
- Increased knowledge pool.
- Diversification of business.
- More investment in the country.
- Increased GDP.
What Are the Limitations of This Program?
- You have to renew every 10 years.
- It’s non-permanent.
- Not easy for everyone.
- They have to prove success within 10 years.
What Are the Other Countries Which Offer Such Visa Programs?
- St Kitts and Nevis
- Antigua & Barbuda
And many more countries and also a few of the countries give citizenship by naturalization, which will provide them with a chance to hold dual citizenship.