As European Union countries phase out their uae golden visa/ brilliant visa programs or tighten real estate investment rules for citizenship seekers, wealthy Indians looking to invest overseas are once again turning to the UAE for opportunities, say specialists.
Greece has said that starting in May 2023, it will double the amount needed to get a Golden Visa, while Portugal and Ireland have already ended their programs. In this setting, the UAE has turned into an alluring choice for high total assets people (HNIs), as it offers a 10-year residency visa for putting just 2 million dirhams in a land resource.
what is uae golden visa ?
Foreign nationals can live, study, work, and conduct business in the UAE region with a Golden Visa. Applicants can acquire 100% ownership of their business with a UAE golden visa. It is not only a six-month entry visa, but it also allows for multiple entries and permits for residency.
Who Is Eligible to Apply for a UAE Golden Visa?
According to the UAE Cabinet Resolution, the following individuals are eligible to apply for a UAE golden visa:
- Inventors
- Entrepreneurs
- Researchers and specialized talents in different fields of science and knowledge
- Highly talented students with promising scientific capacities
Rush for golden visas after Portugal’s decision to end the much-criticized scheme
According to advisory firms that have criticized the plan as populist, Portugal’s plan to end its golden visa scheme for investors has resulted in a rush of applications. The plan has not yet been officially approved.
Since its inception in 2012, the program has attracted 6.8 billion euros, or $7.30 billion, from non-EU nationals who are ready to invest in Portugal. The majority of the funds have been invested in real estate. After that, residency rights are granted to successful applicants.
The rules for the golden visa had already been modified the previous year to move investments away from the booming real estate market in big cities and toward areas with fewer people.
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