An Economic Uplift By the New Golden Visa Policy of Dubai
Visa refers to the seal of approval on a person’s valid passport to indicate that the passport holder has the permission to set their foot in, exit, or stay in a particular vicinity of a country. This seal also signifies that the concerned authorities have scrutinized the person’s whereabouts and declared him eligible to enter the country in question, leave its premises, or try to settle in.
The state government of the UAE is continuously making amendments to its laws to make it a tourist-friendly country. Moreover, efforts are made to attract more potential investors, venture capitalists, students, par-excellence professionals, and immigrants to choose the UAE as their desirable country of investment, work, or settlement. The Golden Visa of Dubai is one such shining output of such dedicated efforts.
The year 2019 marked a hallmark reform on part of the state government of the UAE to tempt non-national individuals, capitalists, professionals, and outshining students to choose the UAE, specifically, the emirate of Dubai, as their desired country of relocation. The source of attraction was a chance to get a residency visa in Dubai for a lengthy period. The concept of the Golden Visa of Dubai was formally executed by making certain reforms in the legal system which previously were quite strict for non-nationals.
Under the new system of operation, people aspiring to set up a business in Dubai would get access to full ownership rights of their enterprise. The Covid-19 pandemic affected life in the worst possible way around the globe. It hit economies, ultimately pushing them to the verge of collapse.
Job markets shrunk to an alarmingly low bracket. Health, education, employment, trade, etc. were adversely affected. Every facet of the operational working of a state was hit with full force by the life-threatening impact of the contagious disease.
Hence, as a result of a global economic shut-down and dismantling of life triggered the UAE government to make such a move to facilitate non-nationals a notch further and bring them a sense of security, and entitlement. As per this new policy, foreign candidates belonging to specific fields will be given preference and authorization to reside in Dubai for a long period ranging from 5 to 10 years.
The allocation of people belonging to specific groups who qualify for the application of this visa simplifies the criterion and hope for getting a desirable option for relocation. People who fulfil the prerequisites of the Golden Visa include venture capitalists, businessmen, people related to the field of research, bright students, and distinguished professionals belonging to the field of medicine, science, and education.
The aim behind this designated set of candidates is to give the economy of the UAE a big boost by making the country an attractive option for talented professionals, individuals, and entrepreneurs. It will have a dual benefit for both the stakeholders i.e. the state and foreign nationals.
The country will get a performance uplift in all the key areas of the state as well as the overall economy. On the other hand, the foreign nationals will get a golden opportunity to live their dreams, cash out their talents, and make way for brighter career prospects and lifestyles for themselves and their generations.
Note: The Blog is just an idea. It can be false, changed, or replaced as well. Better check with immigration lawyers in dubai or direct the concerned department in this regard. It will provide the right advice and solution. We will not be held accountable for anything.