In 2023, the General Directorate of Residency and Foreigners Affairs in Dubai issued a record 158,000 Golden Visas, a significant increase from the previous year’s 79,617 granted in 2022 and more than triple the 47,150 issued in 2021. 

The rising popularity of the UAE Golden Visa reflects a broader trend in residency and citizenship-by-investment programs, with minimum costs starting from $200,000. 

“These programs have transformed countless lives, including those within the UAE’s expatriate community, by providing unparalleled access to global opportunities,” says Indy de Luna, CEO of Citizenship Invest. 

“This new mobility has opened doors to international business, leisure travel, and family reunification, contributing to a higher quality of life.”

Some have used their second passports or residency permits to secure advanced medical treatment for family members in countries where access was restricted due to visa limitations, mainly Europe, adds de Luna. Others have leveraged these programs to send their children to study abroad in educational institutions that were previously inaccessible due to passport limitations.

The UAE’s Golden Visa, designed for investors, entrepreneurs, and people with outstanding talents, provides a swift and straightforward pathway for individuals to live and work in a stable and prosperous economy.

Benjamin Eisenring, Chief Operating Officer of Passport Legacy, notes that those from regions such as South Asia and North-East Africa are often driven to this route to seek better economic opportunities, safety, and quality of life. 

Kemal Nicholson, Owner of Cinvest Migration, echoes this, noting that nationalities from India, Pakistan, Bangladesh, the US, the UK, Canada, and other Arab states are adding to the UAE’s diverse cultural tapestry through this pathway. 

WHAT MAKES THE UAE ATTRACTIVE?

While there are several Golden Visa options available, with Portugal, Spain, and Greece among the most popular ones, there are many reasons that UAE consistently ranks among the most sought-after. 

“The UAE is a hub for global talent and expatriates due to its welcoming atmosphere, which creates a multicultural and vibrant environment,” says Eisenring. “It is an economically stable country that continues to grow and offers an overall high quality of life.”

For de Luna, another factor drawing talent to the UAE is tax-free income, which allows professionals to maximize their earnings.  “The UAE also has a low crime rate that offers peace of mind for residents and their families.”

Nicholson adds that the country’s strategic location between Europe, Asia, and Africa makes it a convenient hub for business and travel. It also boasts world-class healthcare and educational facilities, making it appealing to families and professionals.

CONTRIBUTING TO THE ECONOMY

This environment has created a positive trickle-down effect on many industries. “The Golden Visa has improved the UAE’s economy by attracting skilled professionals, entrepreneurs, and investors,” says Eisenring. 

“The real estate sector has seen increased investment, while the technology sector, particularly fintech and crypto companies, has expanded rapidly, attracting startups and established firms,” says Nicholson, adding that aside from the technology, the healthcare and finance sectors have also benefited from the influx of international talent, pointing out that the demand for skilled healthcare professionals has increased, enhancing the quality of medical services. 

Similarly, international talent drawn into the financial sector bolsters the UAE’s status as a global financial center.“Overall, the UAE’s strategic initiatives, including the Golden Visa, have fostered a dynamic environment for global talent, significantly contributing to its economic growth and global standing,” he says.  

The UAE Golden Visa has also changed the long-term prospects for expats and their families in the UAE. “By offering extended residency options of up to ten years, the UAE Golden Visa grants expats greater stability, empowering them to plan for their future confidently and truly establish roots in the country,” Nicholson adds. “This transformative shift enhances the UAE’s appeal not just as a destination for professional growth but also as a place to call home.”

A stable, long-term population also strengthens the economy by fostering consistent investment in real estate, businesses, and other sectors. 

De Luna says this contrasts with past challenges, such as during the 2008-09 financial crisis and the 2020 pandemic, when many expats left due to uncertainty. This highlights how the Golden Visa helps create a more resilient economy, less vulnerable to disruptions.

MISCONCEPTIONS AND NAVIGATING LAWS  

However, there are some misconceptions related to the UAE Golden Visa, with Nicholson noting complexity, cost, and limited scope. “There’s a misconception that the Golden Visa only benefits certain sectors but encompasses a wide range of professions and industries. Furthermore, some believe the application process is overly complicated, whereas it has been streamlined to be user-friendly.” 

Underlining the accessibility of the Golden Visa and the speed at which applications are completed, which can be as fast as a few months, Eisenring says, “All generations to come will benefit from these programs. He adds that it is important to clearly understand what every program offers and how it fits individuals’ overall goals. 

Speaking to a broader trend related to such programs, de Luna notes that the most common misconception about Golden Visas and Citizenship by Investment programs is that they are simply a means to purchase a passport. “While the appeal of economic investment is undeniable to host countries, obtaining residency or citizenship by investment is not merely a financial transaction,” he says. 

“These programs are legal and supported by the legislation of their respective countries. Each application undergoes a thorough and meticulous vetting process designed to uphold the program’s integrity and security, including document verification with governments and financial institutions and comprehensive background checks to ensure only credible applicants are approved and granted citizenship or residency.”

For this reason, de Luna warns that those looking to obtain residency must comply with the laws of their host and home countries. “Tax laws vary significantly between countries, and obtaining citizenship or residency in a new jurisdiction may affect your tax obligations,” he says. 

“While there is no income tax in the UAE, it is advisable to seek professional advice from tax experts specializing in international tax planning to evaluate the potential impact on your financial situation and ensure compliance with regulations in navigating dual citizenship or residency.”