According to the latest report of the General Directorate of Residency and Foreigners Affairs in Dubai (GDRFA), the total number of Golden Visas issued increased to 79,617 by the end of 2022 compared to 47,150 in 2021. The Directorate also noted that the year ended on a high note as it completed millions of transactions and was also able to provide customers with high-quality smart services.
As per the records, GDRFA had processed over 62.24 million transactions in 2022 which consisted of 46,965,715 entry and exit transactions via air, land, and sea ports. GDRFA also won many awards and accolades for its top-notch service and this also helped boost Dubai’s position as one of the world’s best destinations for work, life, and travel.
The number of golden visas issued in all categories increased
The Directorate also boasted a ninety-nine percent success rate in the completion of its operational plans for the last year. They also achieved a ninety-six percent Customer Happiness Index and a hundred percent Partner Happiness Index.
The Golden Visa scheme was launched in 2019 and it was recently amended expanding it to more categories of investors and professionals who are aiming for long-term growth and career in Dubai. As of the new rules and regulations, a vast spectrum of individuals including property investors, outstanding students, scientists, professionals, and entrepreneurs can apply for a long-term visa in the UAE.
This expansion policy of the long-term visa scheme will attract more long-term residents and high-net-worth individuals who will be ready to invest in the growing economic landscape of Dubai in the coming years. The recruitment agencies and HR executives have hailed the new decision and they have termed it as a game changer for the economy of UAE and Dubai.
According to statistics, around 44,000 residents of Dubai were given long-term residency in 2021, and from 2019-2022 around 151,600 Golden Visas were issued. It was also observed that after the minimum salary for the application for a long-term Visa was reduced from Dh 50,000 to Dh 30,000, the demand increased exponentially.
The GDRFA also made significant changes to its working structure by merging its five services into one. This step was taken after conducting several customer satisfaction surveys and customer experiences. As part of the inclusion of Emiratis in Dubai’s job sector, GDRFA hired several new Emirati professionals which raised the total number of experts and specialists at the Directorate to 124.
The expansion of the Golden Visa also helped increase real estate investments in Dubai as more and more residents are feeling confident about investing in residential properties in Dubai.
The successful rebound of the Dubai economy and the UAE in general from the coronavirus pandemic also created a strong impression among the global population and also among individuals who are planning to make Dubai their dream destination for job and settlement.
When the Golden Visa was introduced, expats who were staying in Dubai found a golden opportunity to invest in real estate and buy properties as now there has been a legal resolution that has been created regarding their stay in Dubai.
These individuals and their families are feeling more secure now as they have also become an integral part of the Dubai economy with stable benefits. This has had a high impact on the real estate sector of Dubai in 2022 as it recorded one of the highest numbers of sales and transactions during the year.
Among the investors in the real estate sector, Russians are among the top five as they are trying to create a safer residential option in Dubai because of the Russia-Ukraine war. Both Russian entrepreneurs and high-worth individuals are either investing in business properties or residential homes to make Dubai their second home in case of a law and order crisis in their homeland.
Damac Properties which specializes in luxury residential properties observed that Indians and Pakistanis are also among the top investors in their properties. Other than that, multiple investment interests are springing up from across the world like Europe, Australia, France, Lebanon, China, etc.
The Golden Visa comes with a host of benefits for a successful applicant and here are some of the main advantages.
- An entry Visa for six months allows multiple entries to process with residence issuance.
- A long-term residence renewable Visa that’s valid for 5 years or 10 years.
- Under the Golden Visa, there is no need for a sponsor.
- One who has a Golden Visa can stay outside of UAE for more than six months and still keep their residence Visa valid.
- An Individual with a Golden Visa can sponsor their family members including their spouses and kids without any age limitations.
- They can also sponsor an unlimited number of domestic helpers.
- The family members can stay till the end of their respective Visa permit duration in the event of the death of the Golden Visa holder.