Dubai Executives Visa
Published at: 18/07/2019 09:17 am
The new, Gold Card residency program of the United Arab Emirates became the most exciting immigration scheme of the summer in 2019. According to the announcement of the General Directorate of Residency and Foreigners Affairs (GDRFA), foreign investors, business people and individuals with exceptional talents and skills may apply for the visa, valid for ten years.
Applicants may become long-term residents of the United Arab Emirates if they qualify for the following options:
- Deposit of Dh10 million in an investment fund in the Emirates;
- Form a company with a capital of Dh10 million or be a partner in a company with a capital of at least Dh10 million.
- The third option must attract the executives, who have a monthly salary of Dh30,000 and above, they are also eligible.
According to the announcement of the GDRFA, from the 6,800 early applicants (who arrived from 70 countries), already 400 foreigners received their UAE Gold Card long-term visas in only one month time.
What are the requirements?
An essential requirement of the program is that the amount of investment must be owned by the investor and his or her family and can't obtain it through a loan from any financial institutions. Moreover, the applicant must prove that he or she has the funds for at least three years. There is no minimum requirement to stay inside the Emirates, so if the visa holder leaves the country for longer than six months, their visa would still be valid.
It looks like Dubai manages to strengthen its position as a global investment hub. Dubai's Department of Economic Development (DED) issued 9,489 new business licences during the Q1 period of 2019.
According to Sami Al Qamzi, DED's director general, they are finishing the project to create the Gulf region's first "virtual commercial city" where licences will be granted without requiring residency in Dubai and following international tax and legal standards.
Are you interested in the Gulf-region? Please, contact our experts in the Dubai office here to help you with all the detailed information!