By Ben Norton
Do 10 years of Golden Visa status sound inviting to you? Well, companies in UAE are handing them out to leading employees and top recruits as a way of boosting their talent pool and retaining excellent workers. This trend seems to be gaining momentum as it is especially encouraging to skilled immigrants that are new to the country.
How is the Golden Visa Useful?
Many businesses or individuals that are new to the UAE have difficulty filing regulatory paperwork without a local bank account or Emirati partner. The Golden Visa opens doors for those that do not want to be tied down to a single business or those that have not been granted their 10-year residency.
Now, 100% foreign-owned businesses are able to cut through red tape like never before — enabling them to set up shop in the UAE hassle-free. This has resulted in a rush of applications for the Visa status, with the eligibility criteria becoming broader by the day.
Advantages for Local Businesses
It costs very little for employers to submit these applications for their staff, while the benefits will last the workers for years to come. This clever move was originally used as an attempt to retain employees but is now a popular way of attracting the very best experts within their industries.
The status comes with many advantages outside of seamless banking. Many insurance packages, for example, are far more affordable to those with the Golden Visa. Not only will it save the businesses recurring costs but it elevates their staff to a new level of security in a country that may still feel very unfamiliar.
How to Get Involved
The 10-year investment-linked residency previously had a required level of Dh 10 million but recently this has been lowered to Dh 2 million. Although this is still a very substantial buy-in, it has opened access to many international investors who wish to operate within the Emirates. As well as enjoying taxation benefits, these immigrants are now able to use some of the world’s best banking, hassle-free.
For those of us who do not have half a million USD to invest, we would suggest finding employment in Healthcare, Tech or Finance as these sectors are pushing the sought-after status the hardest. It is not difficult to find out which corporations are offering this exciting sign-on bonus to their new recruits — so apply accordingly.
There will be little standing in the way of your financial prosperity with access to the world’s most globally connected economy and a Golden Visa in your hand!
