The United Arab Emirates (UAE) is considering innovative strategies such the introduction of a 10-year golden visa and 5-year silver licences to attract international businesses and investors.
The proposal to introduce new regulations for trade licences in the UAE was discussed during the inaugural 2024 Economic Integration Committee.
The aim is to enhance government revenue and promote sustained business operations within the UAE’s vibrant commercial landscape.
Nairametrics learnt that UAE’s inspiration came from Bahrain’s successful golden license scheme, known for its ability to attract significant investments and generate employment opportunities, and is eager to replicate its achievements.
Bahrain’s golden license program has already secured $2.4 billion in investments across nine major projects, resulting in approximately 3,000 new jobs.
Visa reforms in the UAE
The efforts to streamline the golden visa program will not only boost investor confidence but also strengthen market stability.
By attracting a wave of long-term investors and businesses, the UAE seeks to shield its real estate market from volatility and maintain robust growth trajectories.
This significant development not only reinforces the resilience of small and medium-sized enterprises (SMEs) but also fosters an environment conducive to long-term business sustainability.
Simplified Golden Visas for individuals
The UAE is actively simplifying its residency visa process.
Earlier in 2024, the requirement for a minimum down payment for property purchases under the Golden Visa program was eliminated, making qualification easier for individuals.
This landmark decision aims to streamline the visa acquisition process, making it more accessible to prospective residents and investors alike.
By removing the need for a Dh1 million down payment or a 50% property value deposit, the UAE demonstrated its commitment to facilitating seamless residency acquisition.
Benefits for Businesses
This move may create significant advantages from long-term business visas enabling businesses to operate with greater assurance and avoid disruptions caused by visa renewals.
This will in turn, foster a more favorable and stable business environment, while the UAE will attract valuable investments and strengthen its economy.
