UAE Considers Introduction Of 'Golden Visa' For Foreign Businessmen

14 May 2014

According to news reports, the UAE government is seriously considering offering the ‘Golden Visa’ for alien business persons. According to the news reports, this was revealed by a very senior official at the immigration department of Dubai. This type of visa is actually under active consideration by the interior ministry at the federal level.

According to the official, the Director General of the General Directorate of Residency and Foreigners Affairs (GDRFA), Dubai, Major-General Mohammed Ahmed Al Marri, the ministry of interior is actively considering and studying the proposition for the issuance of the golden visa for foreign businessmen and it would like to implement it at the federal level. Once the proposition for such a visa is accepted, it would also be subject to changes and modifications as required in the future.

No further details regarding (or, such as) the costs and the duration of the visa, the ‘Golden Visa’, were revealed and only the bare minimum statement was available from the official.

The business visa is clearly modeled after similar visas which are available in a number of EU countries such as Portugal, Cyprus, Spain, Greece and Britain. These countries provide these visas to foreign investors who invest, especially in property. These are temporary residence visas, but have the advantage that they boost the ‘investor sentiment’ in the respective countries.

So, similar is the intention and assumption of Dubai’s concerned ministry which seeks to attract investment, to build up the confidence and encourage business sentiment of investors and businessmen alike. Also, the demand for an ‘investor visa’ has been a long-pending demand of the local businesses which sought the introduction of an investor visa in the country.

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