Due to its many advantages, the UAE has overtaken other countries as the most popular travel destination for wealthy people (HWNIs). Incentives like tax-free status and other favorable factors forecast a net inflow of 4,000 HNWIs for the UAE in 2022. The residency-by-investment (RBI) and citizenship-by-investment (CBI) programs are facilitated by Passport Legacy, a leading and widely regarded government-authorized organization. Passport Legacy shares its analysis of how the UAE achieved this and how the nation’s future outlook compares to recent developments.
Global geopolitical unpredictability has led to significant changes in every industry, but the immigration sector has experienced particularly significant changes, including an influx of European investors. As a result, the UAE, through the implementation of investor-friendly policies and alluring immigration incentives like the nation’s Golden Visa program, has achieved great success in luring the most high-net-worth individuals, globally.
Expats can now live, work, and study in the UAE without a national sponsor thanks to the UAE Golden Visa program, which was first introduced in 2019. Expats who take advantage of the RBI incentive offered by the nation are also qualified to keep 100% ownership of their companies in the mainland free zone of the UAE. The UAE widened the requirements for its RBI program between the end of Q2 and the beginning of Q3 of 2022. This has helped a good deal more than 65,000 people obtain the 10-year residency permit.
Scientists and real estate investors are now eligible for the UAE’s expanded ten-year visa requirements. A Bachelor’s degree or its equivalent, UAE employment documentation, an occupation level recognized by the Ministry of Human Resources & Emiratization (MOHRE), and a minimum monthly income of AED 30,000, or the equivalent of USD 8,174, are requirements for eligibility. With the implementation of a new program component this month, investors will be able to obtain the nation’s Golden Visa with a minimum real estate investment of AED 2 million.
The UAE will also roll out five-year Green Residence Visas to honor exceptional talent, skilled workers, investors, freelancers, and business owners. This initiative will benefit foreign nationals who plan to invest, work as freelancers, or operate their businesses out of the UAE, though eligibility requirements will vary depending on the particular industry. This represents a major shift from the nation’s long-standing sponsorship model and more recent alternatives like Virtual Working Visas and Freelance Visas.
Specialized health insurance plans
Golden visa holders in the UAE can purchase specialized health insurance plans with premiums starting at AED 2,393 and an AED 300,000 annual coverage maximum. “A strong health insurance plan for Golden Visa holders ensures security and helps them plan their next five or 10 years in the UAE,” Saleh Al Hashimi, CEO of Dubai Health Insurance Corporation under Dubai Health Authority (DHA), said in a statement in one of his interviews.
It is a crucial component of their criteria to remain in the nation. He stated, “We will urge the industry to strive toward such products. We are delighted that Daman, a national corporation, has taken the effort to come out with a dedicated plan for Golden Visa holders. Unlike the more common resident’s visa, which needs to be renewed every two to three years, the UAE golden visa is a special residency visa that provides recipients with ten years of residency.
Holders of the Esaad privilege card have access to some very good savings on lodging, tuition, dining out, travel, and more. According to the National Health Insurance Company – Daman, owners of the UAE golden visa will now also be allowed to take advantage of particular health insurance products. The National Health Insurance Company (Daman) is the first business in the United Arab Emirates to offer a health insurance plan created especially for those with Golden Visas. With a coverage limit of up to AED 300,000, Cover Silver has a starting premium as low as AED 2,393. While the Premier package starts at AED 39,857 with an AED 20 million annual restriction, and the Enhanced Gold package starts at AED 4,985 with an AED 2.5 million annual limit. Additionally, on vacations or business trips outside of the UAE, the packages offer 180-day coverage.
The Golden visa is for:
• Investors
• Entrepreneurs
• Exceptional Talents
• Scientists and Professionals