How the new Golden Visa rules enable long-term financial planning
In a recent article published in the Arabian Business by a staff writer dated, Wed 20 Jul 2022, the writer speaks of how the recent amendments made by the UAE Cabinet to the Golden Visa programme aims to enable long-term financial planning. Here is the article below:
“To help attract and retain top talent across numerous sectors, the UAE Cabinet recently amended its Golden Visa programme to include professionals from more diverse fields and ease the eligibility criteria.
This programme allows investors, entrepreneurs, startup owners, professionals, and exceptionally talented individuals to apply for long-term residency – for up to 10 years with the option of renewal – to live, work, or invest in one of the most cosmopolitan nations around the world. With a Golden Visa, expats can forego the need of a national sponsor and maintain 100 percent ownership of their businesses on the UAE mainland.
Commenting on the new executive regulations on the long-term residence visa, Roberto Croci, the managing director of Microsoft for Startups – Middle East, Turkey, and Pakistan, said: “The UAE showed a superb management of Covid with open borders, high vaccination rates, and its business-friendly regime. In this context, the Golden Visa can play a critical role in empowering more entrepreneurs to build their business from the UAE at a time where more global players like Sequoia Capital India and Softbank start looking seriously at the region and eventually undertake deals.”
The emergence of many technical startups and big companies looking to invest in Dubai and establish their headquarters in the emirate has also led to an increase in demand for technical skilled labour in the past years.
“Over the past few years, the UAE has positioned itself as an essential business hub connecting the Middle East to the world. Due to its dynamic and robust economy, it has become a destination of choice for businesspeople and wealthy individuals seeking financial success,” Croci added.
“There is also a strong push by the UAE for new-age technologies such as machine learning, artificial intelligence, automation, and e-commerce.”
Innovation, entrepreneurship, and advanced industries remain a clear focus for the UAE as part of its plan to create a diversified knowledge-based economy in line with the UAE Centennial Plan 2071. With this active policy intervention, the UAE can emerge as the tech hub of the Arab world with an ambition of becoming home to 20 tech companies worth $1 billion or more by 2031.
“The Golden Visa allow entrepreneurs and technology investors to live in the country for up to 10 years, longer than regular visas, with long-term financial planning and the opportunity to consider the UAE as home. “The Golden Visa clearly shows how progressive the UAE is when it comes to supporting the entrepreneurial ecosystem. Exciting times ahead for the UAE and its startup ecosystem,” Croci concluded.”
