The United Arab Emirates (UAE) has maintained its 10-year ascent to the top of the immigration food chain and is now regarded as one of the most popular nations in the world for people to relocate to. Additionally, the introduction of long-term visa options (validity: 5 and 10 years) for investors, entrepreneurs, specialised talents, and researchers, as well as an eagerly anticipated and simple-to-use “Retiree Visa” scheme, has significantly altered the UAE’s immigration framework and contributed to this momentum. Thus, the UAE is, in fact, a very desirable location for a residency jurisdiction, offering no taxes on individuals, simple administrative requirements, and low processing costs, in addition to excellent accessibility, a high standard of living, political stability, and year-round sunny weather.
Did you know?
Approximately 4,000+ foreign individuals (UHNWIs) moved to the UAE during the year under the same scheme, making it the largest such inflow on record. According to government sources, more than 152,000 applicants had taken advantage of applying for Golden Visas as of November 2022. To increase the total number of UHNWIs who will call the UAE home from 580 to 750 over the next five years, the number of applicants is expected to continue rising. An estimated 17% increase is projected for the year 2023.
The Ever-growing Golden Visa Programme for UHNWI
The inbound migration of ultra-high-net-worth individuals (UHNWIs) to the UAE has been significantly impacted by the Golden Visa program in that country. The program offers long-term residence visas along with a variety of advantages and opportunities for those who qualify and their families
The introduction of the Golden Visa has impacted the migration of UHNWIs and the establishment of family offices and family wealth advisors in Dubai in many ways:
- Long-term residence: UHNWIs can apply for long-term residence in the UAE through the Golden Visa, which is typically valid for 5 or 10 years with the possibility of renewal. This provides stability and security to people and their families, encouraging them to settle down and develop long-term plans for the nation.
- Business and Investment Opportunities: The initiative aims to entice foreign business owners, entrepreneurs, and highly qualified professionals to the United Arab Emirates. It attracts UHNWIs looking for opportunities to expand their businesses or make strategic investments in the area by providing long-term residence and fostering an environment that is favourable to business growth and investment.
- Family cohesion: The Golden Visa is extended to the visa holder’s spouse and minor children, as well as other close relatives. This enables UHNWIs to move their entire family to the UAE, fostering family unity and giving their kids advantages in terms of lifestyle and education.
- Access to Services and Benefits: In the UAE, holders of Golden Visas can access a variety of advantages and services, including eased business startups and access to healthcare, education, and real estate ownership. Due to these advantages, UHNWIs seeking a high standard of living and access to first-class services find the UAE to be a desirable location.
- Regional Hub and Connectivity: UHNWIs benefit from excellent connectivity and easy access to emerging markets thanks to the UAE’s advantageous location as a gateway to the wider Middle East region. The state serves as a desirable base for conducting regional business operations due to its cutting-edge infrastructure, thriving business environment, and numerous flight connections.
Conclusion
UHNWIs have been drawn to the UAE in large part because of the Golden Visa program, which provides long-term residence, business opportunities, family benefits, and access to services. It solidifies the UAE’s reputation as a desirable location for wealthy individuals looking to settle down in the area and take advantage of the opportunities and economic growth it offers.