What is common between Shah Rukh Khan, Sanjay Dutt, Sonu Sood, Ranveer Singh, Sania Mirza, and Mouni Roy?
They have all obtained the Dubai Golden Visa, which allows them to live freely in Dubai. A Golden Visa is a residence visa in a foreign nation obtained by the purchase of high-end real estate or investment.
As a result, Indian investors are looking to the United Arab Emirates (UAE) for similar residence chances, where high net-worth people (HNIs) can receive a 10-year resident permit by investing 2 million dirhams (about 21.5 crores) in a real estate asset.
Game Changer For Wealthy Indians
HNIs are those who operate in the financial services business and have investible surpluses that are greater than but not nearly equal to 5 crore. Because of their net worth, these investors are classified as retail in the financial industry.
According to Akash Puri, director, international, India Sotheby’s International Realty, the revisions to the Golden Visa in various EU (European Union) countries have raised interest from Indian HNIs in the UAE Golden Visa, which grants residence with substantial tax incentives.
Realiste, a Dubai-based startup business, has seen a spike in the number of Indian investors in the last few months, with many Indians trying to protect investments owing to the rupee’s dropping value.
UAE Golden Visa Program
The UAE Golden Visa programme, which debuted roughly two years ago, was an instant success, particularly among Indians. While many changes have occurred in various categories, this article will concentrate on those affecting investors, businesses, and professionals.
The first important adjustment is a drop in real estate investment size – the investment amount has been cut to AED 2 million (approx. Rs 4.2 crore) from 5 million (Rs 10.4 crore) previously, while the visa term has been extended to 10 years from five years previously.
Entrepreneurs/investors can also obtain a 10-year residency visa under the new guidelines by investing in a start-up in the UAE. However, there are two prerequisites for obtaining this visa. One, the startup must be registered in the UAE as a small and medium firm (SME) with a minimum annual revenue of AED 1 million (approx. Rs 2.1 crore).
Second, the startup concept must be approved by an official business incubator, the Ministry of Economy, or the appropriate local authorities.
The new modifications also make visas more family-friendly, allowing applicants to better plan their long-term future in the UAE.
Green Residence For Entrepreneurs
A Green Residency visa for five years can also be obtained by investing AED 500,000 (about. Rs 1.05 crore) in a new or established firm. Before, this visa was only valid for two years.
Under the new guidelines, freelancers and self-employed individuals can also obtain a five-year Green Residency visa without the need for a sponsor from the UAE. The sole requirements are that you have a bachelor’s degree or specialised diploma and that you have earned at least AED 360,000 (about. Rs 75 lakh) in the last two years.
According to Realiste data, the Dubai housing market is expected to grow by up to 46% by 2023.
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