Photo used for illustrative purpose.
Gulf Today, Staff Reporter
The UAE Golden Visa has now been issued to 65,000 individuals across sectors such as entrepreneurship, science, and healthcare, to name a few since its initial introduction in 2019.
More than 88% of the UAE’s population is made up of expatriates who rely on valid visas to live and work in the emirate, and the country’s Residency-by-Investment program has been sought out as a means of greater stability.
Multiple added benefits have now strengthened the appeal of the UAE Golden Visa, including the ability to sponsor family members and the recent announcement of a government-issued Esaad card which was previously only available to select government employees. As a result, holders of the Esaad card are granted exclusive access to offers and discounts to thousands of businesses not only in the UAE but also across 92 countries.
The global Citizenship-by-Investment (CBI) market is projected to reach $100 billion by 2025, marking nearly a 5x jump of $80 billion from its current evaluation of $21.4 billion.
This huge spike in favorable sentiment toward such programs came on the heels of market disruption via the COVID-19 pandemic but has stood to remain increasingly popular among rising global inflation rates and a turbulent economic landscape.
Globally, COVID-19 saw remote and hybrid work models being adopted at scale. While pandemic recovery has improved, these new ways of working have held steady for many organisations.
Research shows that 16% of companies around the world are now fully remote and resulting workplace productivity has surged by 22%. Investment in CBI is thus becoming more appealing with employers providing more flexible work schedules and timings, as employees can freely travel between or relocate to alternate locations.
Moreover, as a result of the pandemic-induced remote work adoption, changes in mobility, consumption, and production patterns reduced global CO2 emissions by 17% in April 2020 when compared to peak 2019 levels.
Generation Z (Gen Z) has become known for their inclination toward an environmentally friendly world. With 30% of the global workforce expected to be comprised of Gen Z by 2030, remote work models will likely pave the way for a greater interest in CBI, especially as environmental awareness rises.
On the other hand, the UAE has done a tremendous job of staying on top of the ball in several aspects of its management of the country and its Golden Visa Residency-by-Investment program is yet another example of a realized pioneering vision and ability to adapt quickly at all times.
Whether you are looking to protect wealth, set up future generations for success, travel more freely, or capitalize on tax benefits, CBI and RBI are viable options that do just that - all while providing a bevy of other benefits as well.”
Aiming at attracting and retaining talents, the UAE updates the Golden Residence rules as a part of the new Entry and Residence Scheme. The scope of beneficiaries is expanded offering more benefits including 10 years renewable residence
Sheikh Hamdan said on Twitter, “We opened, "Salem Smart Centre" to check the medical fitness... The centre employs the techniques of the fourth industrial revolution, artificial intelligence, robotics and the Internet of Things to provide exceptional service…”
The Cabinet approved the cancellation of the decision regarding the validity of residency visas for expatriates, who are in or outside the country and if their visas expired between March 1 and 31, 2020.
Announced last year, the Golden Visa, a 10-year permanent visa, is granted to doctors, scientists, innovators, researchers, investors, and entrepreneurs for their contribution in enhancing the development of their respective sectors.
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