After experiencing an oil and real-estate boom, Dubai is now recognized as the financial capital of the United Arab Emirates (UAE). It is one of the emerging countries, at the forefront as one of the new “lands of opportunities”, and in the present world, which is globalized and multicultural, Dubai is perfectly suited to succeed.
As a result of its colossal achievements including the tallest building in the world, the largest man-made archipelago in the world among many other monumental achievements, Dubai is now seen as the most cosmopolitan city in the world with 90% of its residents being foreign.
Dubai’s economy has expanded at a rapid pace, thanks to Expo2020, and is expected to expand even faster in 2022.
Transformation Into A Metropolis
The favourable business environment created by one of the world’s fastest-growing economies combined with the government’s decades-long market-friendly policies has helped to establish Dubai as the business, finance, and commercial centre of the region.
According to Dubai Chambers, the economy is expected to see sustained economic growth of 4.2% in 2022, accelerating from last year’s 2.1% growth, based both on a positive outlook for tourism and retail activity in the coming years.
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The non-oil real gross domestic product (GDP) is expected to increase by 3.9% in the next few years. This is being attributed to an increase in public spending, a strong economy, higher employment, and a better business climate due to Expo2020.
The costs related to doing business are relatively low in Dubai due to its strategic location and it serves as the biggest re-exporting hub in the Middle East. Dubai can also assist businesses seeking to set up and scale up operations in order to accelerate their growth.
Dubai has created a business environment, which is uniquely suited for accelerating growth and success, attracting expertise and investment, and operating as an incubator for all kinds of economic activity.
The Gate Building – Dubai Financial Center District DIFC, United Arab Emirates
Post-Pandemic Recovery
There has been a significant surge in the real estate sector that has helped to confirm its position as a principal driver of growth for all sectors and economic activities in the emirate.
At this point in time, both the value and the demand for properties are witnessing a remarkable upward trend in the property market. While there are other factors at play, the growth is mainly attributed to Expo2020.
In Dubai, the value of property deals rose by more than double last year, breaking a 12-year record in terms of real estate transactions as the economy recovers from the effects of the pandemic.
There were registered transactions worth Dhs 151.07 billion last year compared with Dhs 71.87 billion worth of transactions in 2020, making 2021 the best year for total transactions since 2013.
The number of business licenses issued by Dubai in 2021 increased by 69% over that of 2020. This growth reaffirms Dubai’s position as a global investment hub.
Aside from this, Dubai is very crypto-friendly and blockchain-oriented - you can easily use cryptocurrency to set up a company with zero corporate tax.
A significant part of this growth reflects the emirate's position as a global hub for start-ups, the positive climate it has created for business expansion, and the creation of new investment opportunities in Dubai's rapidly growing economy as a whole.
The Golden Visa
To promote foreign investment and to ensure a tax-free environment. In 2019, Dubai has designed a unique program for international investors, which permits them to stay in Dubai legally and secure the future of their families and their businesses.
The Dubai Golden Visa is one program that has been recently launched to help attract and retain top talents across numerous sectors. This program allows investors, entrepreneurs, business owners, professionals, and specialized talents to apply.
“I feel more confident of being able to stay in the country longer term"
How the UAE's golden visa helps residents make long-term financial plans https://t.co/gGApcm6n3S
— The National (@TheNationalNews) February 18, 2022
With a Dubai Golden Visa, foreigners can live, work, and study in the UAE without the need of a national sponsor and maintain a 100% ownership of their businesses on the country's mainland.
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The Dubai Golden Visa gives the option of applying for a 10-year or 5-year permit. Those who invest at least AED 10 million in a company or public fund can be eligible for a 10-year permit. Those who invest in a property worth at least AED 5 million or start a company worth at least AED 500,000, will receive a 5-year residency permit. The investment must be held for a minimum of three years.
10-year eligibility visa
Investors can apply for a 10-year residence visa by investing at least AED 10 million which can take many different forms, such as:
- There must be a deposit of at least AED 10 million in an investment fund within the country.
- A minimum capital of AED 10 million is required for the establishment of a company in the UAE.
- Establishing a partnership in an existing or new company with a minimum share value of AED 10 million.
- Investing a minimum of AED 10 million in all areas, on condition that the investment in non-real estate sectors accounts for at least 60 per cent of the total investment.
Conditions
There are several conditions that must be met before a visa is granted:
- A loan cannot be taken out on the amount invested.
- A minimum of three years should be held on the investment.
- A minimum of AED 10 million in financial solvency should be maintained.
An extension of the visa can be granted to business partners, provided they each contribute AED 10 million.
The long-term visa can be extended to the investor's spouse and children, in addition to the executive director and advisor.
Multiple-entry permits are available to investors from abroad for a period of six months.
5-year eligibility visa
Investors can apply for a 5-year residence visa if they fall into the following categories:
Property Investors In The UAE
Conditions
There are several conditions that must be met before a visa is granted:
- The investor is required to invest in a property that has a gross value of at least AED 5 million.
- A loan cannot be taken out on the amount invested.
- A minimum of three years should be held on the investment.
Entrepreneurs
In this category, projects with a minimum capital of AED 500,000 are eligible, as are projects approved by an accredited business incubator in the country.
Entrepreneurs are granted a multi-entry visa for six months, which can be renewed for another six months. The long-term visa can be extended to the investor's spouse and children, in addition to a partner and three executives.
Book Your Consultation
Thousands of Dubai residents have already received their prestigious long-term residency visas. If you would like assistance with applying or assessing your eligibility to obtain a Dubai Golden Visa, contact one of our expert consultants today.
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