Introduction

The United Arab Emirates (UAE) has established itself as a global leader and one of the top destinations for business and investment. Among its most notable initiatives to enhance the business environment is the "Golden Visa," which presents a valuable opportunity for investors, entrepreneurs, and exceptional talents. This article highlights the facilities provided by the Golden Visa and how to benefit from them, while emphasizing its positive impact on the UAE's business environment within a legal framework.

The Concept of the Golden Visa

The Golden Visa is a long-term visa system first introduced by the UAE in 2019. This system allows eligible individuals to reside in the country for up to 10 years, with the option of renewal. It applies to specific categories such as investors, entrepreneurs, and specialists in fields like medicine, engineering, and artificial intelligence.

From a legal perspective, the Golden Visa system is governed by several laws and regulations designed to protect the rights of investors and residents. These include:

1. Federal Law No. (6) Of 1973 on Entry and Residence of Foreigners: This is the foundational framework for residency regulation in the UAE.
2. Cabinet Resolution No. (56) Of 2018: This resolution outlines the criteria for issuing long-term visas.
3. Foreign Direct Investment (FDI) Legislation: This governs foreign ownership of businesses in the UAE.

Facilities Offered by the Golden Visa

1. Long-Term Residency:

1. • The Golden Visa provides legal stability for holders, removing the need for a local sponsor or frequent visa renewals.
   • According to Cabinet Resolution No. (56) Of 2018, the visa is granted based on specific criteria, such as investment size or professional achievements.

2. Full Ownership of Investments:

1. • Foreign investors can establish businesses with 100% ownership, eliminating the need for a local partner and promoting business freedom.
   • This is regulated by Federal Law No. (19) Of 2018 on Foreign Direct Investment, which grants full ownership rights in certain sectors.

3. Ease of Mobility:

1. • The Golden Visa allows investors to enter and exit the UAE without restrictions, enabling efficient management of businesses both inside and outside the country.
   • This right is guaranteed under Federal Law No. (6) Of 1973.

4. Family Visas:

1. • The Golden Visa extends to family members (spouses and children) for the same duration, promoting family stability.

5. Tax Incentives:

1. • The UAE offers a nearly tax-free environment for personal income, making it an attractive destination for foreign investors.

6. Opportunities for Expansion and Partnerships:

1. • The Golden Visa facilitates access to regional and global markets with continuous government support to enhance the business ecosystem

How to Benefit from the Golden Visa

1. Identify Eligibility:

1. • Investors in companies or real estate.
   • Entrepreneurs in startups or innovative projects.
   • Professionals with rare expertise.
   • Eligibility criteria are defined in Article (2) of Cabinet Resolution No. (56) of 2018.

2. Submit the Application:

1. • Applications can be submitted through official government platforms, such as the website of the Federal Authority for Identity and Citizenship.

3. Meet the Requirements:

1. • For investors: Provide proof of investment size (e.g., property deeds or commercial records).
   • For entrepreneurs: Demonstrate project success or support from local business incubators.

4. Follow Legal Procedures:

1. • Collaborate with a legal advisor to streamline the process and ensure full compliance with requirements.

5. Regular Updates:

1. • Golden Visa holders should renew relevant documents, such as commercial records, periodically.

Impact of the Golden Visa on the UAE’s Business Environment

1. Attracting Foreign Investments:

1. • The Golden Visa strengthens international investors' confidence in the UAE's business environment, boosting foreign investment inflows.

2. Fostering Innovation and Entrepreneurship:

1. • Long-term residency provides stability for entrepreneurs, encouraging innovation and the launch of startups.

3. Enhancing Talent Acquisition:

1. • The UAE becomes a hub for global talent, driving growth in vital sectors such as technology and healthcare.

4. Promoting Sustainable Economic Growth:

1. • Through foreign investments and startups, the Golden Visa contributes to diversifying the UAE economy away from oil dependency.

5. Building an Integrated Business Network:

1. • The Golden Visa allows investors to connect with a wide network of local and international businesses and investors.
   • These networks are further supported by free zone regulations.

Conclusion

The Golden Visa represents a transformative step in the UAE's strategy to enhance its business environment and attract talent and investments. It not only offers legal and administrative conveniences but also strengthens the UAE’s position as a global business hub. To fully capitalize on this opportunity, investors should familiarize themselves with the legal and procedural details and leverage the facilities provided to achieve sustainable success and growth.