The United Arab Emirates has unfolded plans to grant long-term golden visas for businesses as part of efforts to attract a larger number of wealthy internationals.
The idea of introducing a ten-year golden visa and five-year silver licenses was discussed during the government’s Economic Integration Committee on Wednesday, VisaGuide.World reports.
The plan has been introduced as part of efforts to increase government revenue, ensure business continuity and promote economic growth, according to a report from Gulf News.
The proposed trade licenses follow the introduction of the golden license scheme in Bahrain, which brings significant benefits to companies and attracts large-scale investment projects to the kingdom.
The Bahrain Economic Development Board earlier this month said that the country’s golden licence program attracted a total of $2.4bn in investments from nine major projects, which are expected to bring a total of 3,000 job opportunities.
Golden Visa Program in UAE Drops Minimum Down Payment
Earlier this year, the United Arab Emirates abolished the minimum down payment of Dirhams required for those interested in acquiring residency through the Golden Visa scheme, thus facilitating the process of acquiring such visas.
Until the new changes were announced, those interested in the golden visa program were required to make a minimum down payment of Dh1 million, or 50 per cent of the property’s value, to the bank or developer for properties bought on the mortgage to benefit from this kind of visa.
Facilitating the process of acquiring a golden visa could also help the government prevent market downturns with steady and strong growth. Local media reports said that the new changes could also attract a larger number of investors to the UAE and help to maintain the real estate market stable and healthy.
Group CEO of RAKBank, Raheel Ahmed, told Khaleej Times that this is a very positive development for the new businesses.
“The more longevity you have, the more you can be sure that you have sustainability of your business model. SMEs are small businesses, and they can’t forecast accurately as economic factors and business models change.” Ahmed
Therefore, according to him, the more longevity they have, the more they have flexibility in operating without the threat that they have to close down the business and leave and be subject to consequences, stressing that people will see a lot of positivity in it.