New regulations were recently announced in the UAE regarding the Golden Visa program. The new rules, to be implemented from January 1st, 2022, are meant to ensure that the benefits of the program are only enjoyed by legitimate investors and serious businesspeople, rather than investors just looking for an easy way to get citizenship in one of the world’s more developed countries. While there are many changes being made to existing programs as well as entirely new ones being introduced, here are five major points that every potential investor should be aware of before they apply for their visa or consider any kind of real estate investment in the UAE.
What is Golden Visa?
The UAE introduced a new program called the Golden Visa, which is a benefit of residency granted to non-citizens who invest more than $2 million USD, or $1.5 million USD if they are married and reside with their spouse. This visa will allow these individuals and their families to live, work and study freely in UAE. In order to qualify for this visa, applicants must be over 18 years old and have been residents in Dubai for at least three years. Individuals who hold this visa can also apply for family members residing outside of the UAE. Another condition is that applicants cannot be involved in any criminal activity, financially liable, or under investigation by law enforcement agencies from any country. Enjoy night life in real money casinos while staying in UAE.
A Quick Look at the Changes
The new regulations are expected to take effect in 2022 and will replace the current UAE residence visa. These changes will make it more difficult for people to obtain a UAE residence visa by limiting eligibility to those who earn at least AED 500,000 per year or have USD $250,000 worth of assets. These requirements are set to be even more stringent with a proposed limit of earning AED 1 million per year or having USD $1 million worth of assets.
A Few Things to Consider Before Applying
Do you have any criminal convictions or are you being investigated? The UAE has a zero-tolerance policy when it comes to criminals. If they find out you have a criminal record or are under investigation, they will not grant you a visa.
Are you on any sanctions lists? The UAE is very strict about who they do and don’t allow into the country. They will check your name against lists and deny entry if they find anything that matches with your name.
How Golden Visa Will Affect Middle-class People?
The visa will be granted for a period of two years and will be extended if the person is granted an extension by authorities. The visa will not be transferable to other people, can only be used by one person per time, and can’t exceed more than 2 years.
The new regulations mean that those who have applied or are eligible to apply are now required to submit their original passport with their application. A middle class man can also enjoy lecasinoenligne casino en ligne.
Drawbacks of Golden Visa
The new rules will be an improvement on the current system, but it still has some drawbacks. For example, there are still no provisions made to protect investors who are already residing in UAE, and there is no specific timeframe set to offer permanent residency. Furthermore, while it does provide more transparency than previous programs as it requires firms to disclose their investment amount and sources of funds to authorities, this only applies to large firms. Smaller firms that invest less than $5 million will not have to do so.