One of the most difficult aspects of doing business in a new region can be trying to make sense of the various visa and residency related rules. Different regions have wildly different rules to consider, all of which stand negatively impact businesses' global expansion plans if not followed carefully.
Certain countries around the world have developed reputations for their less-than-ideal visa structures and, for years, the UAE was among them. Fortunately, this has changed significantly; the UAE made good on its 2018 promise and recently unveiled the UAE Ten-Year Visa to the world.
The UAE Ten-Year Visa: Breaking Things Down
In many ways, the new UAE Ten-Year Visa was expressly designed to make up for certain "limitations" within the old system. Previously issued visas were exclusively linked to one of two factors: the employment status of an individual, or a certain level of investment that had been made in the past. Because of that, visas could be canceled at any time, leaving the status of many shrouded in an almost permanent level of uncertainty. The new visas, however, open up a substantial long-term investment strategy for expanding into the UAE, as the visas are designed to keep investors' money in the country, even after a holder chooses to retire.
From that perspective, this isn't just a way to encourage new investment in the UAE: it's a way to entice businesses to establish a more permanent foothold in the country, which in turn creates a mutually beneficial situation for both businesses and the UAE.
The UAE Ten-Year Visa: AKA The UAE “Gold Card”
Some have taken to calling this new visa the UAE Gold Card or "Golden Card," as it's the type of permanent residency scheme that many have felt areas like Dubai have been lacking. Indeed, current Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid, said as much when he unveiled the plan at the end of May. He stated that the current investments of the 6,800 people already selected to benefit from this new permanent residency scheme are valued at more than 100 billion AED.
The new visa will almost certainly generate not only foreign investment, but also attract top talent into the area (specifically, engineers, scientists, and exceptional students) and encourage higher levels of entrepreneurship as well.
Another factor of the new UAE Ten-Year Visa that has gained popularity is that permanent residency status will be extended to the spouse or children of the cardholder, too. The UAE hopes this will make long-term relocation an attractive prospect to those who may not have in the past considered moving to the UAE, paving the way for a new generation for both the region and those who choose to do business there.
Connect with the Right Partner for Global Immigration and Expansion
If you'd like more information about the UAE Ten-Year Visa, or how our immigration solutions can help with each step of the visa application process in any of the 185+ countries in which we have capabilities, reach out to Velocity Global today.